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...Igcse economics notes free and downloadable the basic economic problem factors of production land refers to all natural resources which are gifts nature labour human efforts done mentally or physically with aim earning an income is known as capital man made goods used for further wealth included in entrepreneur a person who organises other undertakes risks uncertainties involved opportunity cost according dictionary means loss alternatives when one alternative chosen terms it benefits individual investor business misses out on choosing over another resource also value next highest valued use that economists word they usually mean some examples help you better understand what example someone gives up going see movie study test order get good grade enjoyment seeing tony buys pizza same amount money he could have bought drink hot dog decide spend great shoes do not pay your electric bill having electricity turned off activation fee late charges might food fridge gets ruined would add tota...