1.1 - Basic Economic Problem Flashcards

1
Q

Need

A

something you cannot live without

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2
Q

Want

A

something that is a luxury and not necessary for survival

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3
Q

Basic Economic Problem

A

scarce resources but potentially unlimited desires

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4
Q

Government

A

create policies in the interest of producers and consumers

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5
Q

Producers

A

companies that sell goods/services to consumers

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6
Q

Consumers

A

a person/organisation that uses a good/service

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7
Q

Interdependence

A

the reliance on two or more people/things

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8
Q

Opportunity Cost

A

the next best alternative forgone

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9
Q

Factors of production

A

the inputs that go into production process

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10
Q

Land

A

natural resources derived from the environment

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11
Q

Labour

A

human workforce put into production process

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12
Q

Capital

A

man-made resources used to make another good/service

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13
Q

Enterprise

A

the people who risk their money to start the business

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