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A Level Economics Micro > 1.1 Individuals, Firms, markets and market failure > Flashcards

1.1 Individuals, Firms, markets and market failure Flashcards

1
Q

need

A

human survival

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2
Q

want

A

improves the standard of living

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3
Q

factors of production

A

countrys economic resources, Capital land labour enterprise

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4
Q

basic economic problem

A

scarce resources, unlimited wants

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5
Q

PPF

A

maximum output combinations of two goods

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6
Q

economic growth

A

increase in productive capacity in time

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A Level Economics Micro (9 decks)

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