What are the three Ps every society has to ask itself?
What to produce
How to produce
Where to produce

What is scarcity?
Scarcity is when the wants are unlimited and the resources and limited. This leads the person or

Factor of Production: Labour
Labor refers to the people who are employed to perform business activity

Factor of Production: Land
Land refers to the natural resources and land used for a business activity

Factor of Production: Enterprise
Enterprise refers to the ability to combine the 4 factors of production and take the risk

What are the factors of production?
There are 4 factors of production: Capital, Enterprise, Land and Labor.

Purpose of Economic Activity
The purpose of the economics activity is to satisfy the needs of the society