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BS GCSE > Basic Economic Problem > Flashcards

Basic Economic Problem Flashcards

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1
Q

What is the basic economic problem?

A

finite resources are insufficient to satisfy all human wants and needs. It assumes that human wants are unlimited, but the means to satisfy human wants are limited.

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2
Q

What is the difference between wants and needs

A

We cannot leave without the 5 needs in our society today. However, we can live without wants.

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3
Q

What are the 5 economic needs?

A 
Water
Food 
Clothes 
Warmth 
Shelter
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4
Q

Why do businesses exist?

A 
Brings profit 
Source of work
New inventions
To have power 
To help people 
Do something they’re interested in

MAIN REASON- because people have needs and wants to be filled

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5
Q

Economic systems

A

Free market
Mixed economy
Planned economy - Cuba

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BS GCSE (2 decks)

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