Economic activity Flashcards
1
Q
What is the difference between a need and a want
A
a need is something you cant live without and essential for survival. But a want is something that isnt essential.
2
Q
What is the basic economic problem
A
There are unlimited wants but limited resources
3
Q
What is opportunity cost
A
The benefit given up of the next best choice
4
Q
What are the 3 economic groups
A
Government
Consumers
Producers
5
Q
A
