economic methodology and the economic problem Flashcards
1
Q
define value judgement
A
an evaluative process based on an individuals standards or priorities
2
Q
give an example of a central purpose of economic activity
A
the production of goods to satisfy the needs of customers
3
Q
what is the objective of the economic activity?
A
the objective is to satisfy consumer wants
4
Q
why is labour a factor of production?
A
it is a resource which can contribute to an output
