Economic problem Flashcards
1
Q
What does PPC stand for?
A
Production possibility curve
1
Q
What is the economic problem?
A
Unlimited wants, limited resources
2
Q
What are the four factors of production?
A
Land, Labour, Capital, Entrepreneur
3
Q
What is land?
A
Natural resources
4
Q
What is capital?
A
Any non-made item to help production.
5
Q
What is PPC?
A
Shows the maximum combinations of two goods that on economy can produce in a given period of time.
6
Q
What is entrepreneur?
A
This is organizing the land, labor, capital and taking the risk.
7
Q
What is Labour?
A
Human resources or a nations popuation
8
Q
What are goods?
A
Goods are tangible objects, they can be touched and held. Produced and consumed.
9
Q
What are services
A
Services are activities/experiences. They are intangible.
