Economic Activity Flashcards
1
Q
What’s the difference between Needs and Wants?
A
Needs is something necessary whilst Wants are something desired
2
Q
What is the purpose of Economics?
A
To produce Goods & Services to satisfy needs and wants
3
Q
What are the Key economic decisions?
A
What to produce, how to produce, and who will benefit from that product
4
Q
What are the main economic groups?
A
Consumers, Producers, and the Government
