Basic economics problem Flashcards
1
Q
Basic economic problem
A
infinite human wants but we have limited resources
2
Q
Free market
A
resources are allocated through the markets. means those willing and able to pay the most will get the resources
3
Q
Mixed economies
A
Markets allocates resources such as food and car while Government allocates education and healthcare
4
Q
Trade off
A
any situation where you can only have more than of one thing by having less of the other
5
Q
Opportunity cost
A
Any benefit foregone for the next best alternaitve
