Basic Economic Problem Flashcards
1
Q
What is the basic economic problem
A
Limited(Finite) resources to satisfy unlimited (Infinite) needs & wants.
2
Q
What is the another word for “Limited”?
A
FINITE
3
Q
What is the another word for “Unlimited”?
A
INFINITE
4
Q
3 words same meaning as seller
A
- Firm/Companies
- Producer
- Supplier
5
Q
Supplier do supply or demand?
A
SUPPLY. They supply and sell to people
6
Q
2 words same meaning as buyer
A
- Consumer
- Customer
7
Q
Consumer supply or demand?
A
DEMAND. Consumer demand and buy things.
8
Q
Input can be called
“F____ o_ P____”
A
Factor of production
8
Q
How many types of FACTOR OF PRODUCTION?
A
4 types - C.E.L.L.
Capital, Enterprise, Labour, Land
9
Q
Output = G_____ & S________
A
GOODS AND SERVICES
10
Q
A
