Economic Activity Flashcards
1
Q
What is the difference between needs and wants
A
Needs are essential for survival whereas wants are desired but are not essential
2
Q
What is the purpose of economic activity?
A
To supply goods and services to satisfy the needs and wants of society
3
Q
What are the 3 economic groups?
A
Consumers, producers and government
4
Q
What are the 3 key economic decisions?
A
What to produce
How to produce it
Who is to benefit
