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A Need - A good or service essential for living. A want - A good or service that people would like to have, but which is not essential for living. Economic problem - Unlimited wants but limited resources - this creates scarcity. Scarcity - Lack of sufficient products to satisfy total wants of population. Opportunity Costs - The next best item given up by choosing another. Factors of production - Resources needed to produce goods and services - land, labour, capital and enterprise

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Turning Effect of Forces 1 Describe the moment of a force as a measure of its turning effect and give everyday examples 2 Define the moment of a force as moment = force × perpendicular distance from the pivot; recall and use this equation 3 Apply the principle of moments to situations with one force each side of the pivot, including balancing of a beam 4 State that, when there is no resultant force and no resultant moment, an object is in equilibrium 5 Apply the principle of moments to ot...

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