Economic activity Flashcards
What is the difference is a need between a need and a want?
A need is essential for survival a want is something desired but not essential
What does Pasific stand for?
Population
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Substitute goods
Income
Fashion and trends
Interest rates
Complement goods
What is the basic economic problem
Unlimited wants and limited resources
Opportunity cost is what
the cost of any possible alternative when making a choice.
What are the four factors of production? Hint Cell
Capital
Enterprise
Land
Labour
What is a market?
a market is an opportunity for buyers and sellers to meet and determine the price of a good or service.
What is the Tertiary sector?
Provides services rather than goods or raw materials
Example of Secondary sector products?
Clothes, Pen, Cup, Fork
Anything made
Name some jobs in the primary sector
Farming, fishing, Miner
Any job that extracts raw materials
What is the primary sector in the uk?
Tertiary
Why does the supply curve shift
Pints WC
PINTS WC
Productivity
Indirect taxes
Number of firms
Technology
Subsides
Weather
Cost of production
What is the RMFPTM used for
Economies of scale
What do the letters in RMFPTM stand for?
Risk Bearing
Managerial
Financial
Purchasing
Technical
Marketing
What are the diseconomies of scale
Alienation
Bureaucracy
Communication
