Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Microeconomics > 1.1.2 The Nature And Purpose Of Economic Activity > Flashcards

1.1.2 The Nature And Purpose Of Economic Activity Flashcards

1
Q

What is the basic economic problem?

A

Working out how to allocate limited resources to satisfy people’s unlimited wants and needs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a need?

A

Things people can not live without.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is a want?

A

Things people can live without but they desire.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What 3 things are the foundation of economic decision making?

A
  • What we produce
  • How we produce
  • Who we produce for
How well did you know this?
1
Not at all
2
3
4
5
Perfectly

Microeconomics (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions