Nature and definition of factors of production: land, labour, capital and enterprise - Defining the four factors of production: land, labor, capital, and entrepreneurship.

Difference between human capital and physical capital - Distinguishing between human capital (skills and knowledge) and physical capital (tools and equipment).

Rewards to the factors of production - Discussing the payments received by each factor of production: rent, wages, interest, and profit.

Division of labour and specialisation - Explaining the advantages and disadvantages of dividing tasks and specializing in production.

Role of the entrepreneur in contemporary economies: risk and organisation of the other factors of production - Analyzing the role of entrepreneurs in combining the other factors of production and taking risks in economic activity.

Decision-making in market, planned and mixed economies - Comparing decision-making processes in market, planned, and mixed economies.

Resource allocation in these economic systems - Analyzing how resources are allocated in market, planned, and mixed economies.

Nature and meaning of a production possibility curve (PPC) - Introducing the PPC as a model showing the maximum combinations of two goods that can be produced with given resources.

Shape of the PPC: constant and increasing opportunity costs - Explaining the relationship between opportunity costs and the shape of the PPC.

Causes and consequences of shifts in a PPC - Identifying factors that cause shifts in the PPC and their impact on production possibilities.

Significance of a position within a PPC - Analyzing the efficiency and inefficiency of different production points on the PPC.

Nature and definition of free goods and private goods (economic goods) - Distinguishing between free goods (abundant and non-rival) and private goods (scarce and rival).