economic problem

Question 1

what is the key economic question?

Answer 1

1.what to produce?
2.how to produce?
3.who is benefit from the goods and services produced

Question 2

what is the PPC curve?

Answer 2

opportunity costs associated with switching attention from one product to another

Question 3

what is the four factors of production?

Answer 3

land, labour, capital, enterpreneur

Question 4

what is profit?

Answer 4

money left once all costs have been paid

Question 5

what is the revenue?

Answer 5

all money from sale

Question 6

what is different between wants and need?

Answer 6

needs is something that we use for our survival. wants is something that we use only because we want

Question 7

what can show the maximum productive potential of an economy

Answer 7

PPC curve

Question 8

what the economic growth?

Answer 8

when company increase performance

Question 9

what the opportunity costs is?

Answer 9

costs of attracting resources for any most popular products

Question 10

what the economic assumption?

Answer 10

situation when consumer seek to maximise their benefits