Economic problem Flashcards
Durable
When something lasts a long time
Scarcity
When something is limited usually a resource
Factors of production;
Land. labour, capital & enterprise
Enterprise
The entrepreneur put all the factors of production into an idea
Consumer goods
a good you buy for your personal satisfaction
needs
something that is necessarry to survive
opportunity cost
the sacrifice of the next best alternative choice
merit good
goods which the public think are so important that they should be free
Land
a natural resource
Public goods
goods which the consumer cannot stop the public from benefiting from
labour
human effort
3 sectors of industry
Primary,secondary & tertiary
Primary- extraction of raw materials
Secondary- manufacturing, building, construction
tertiary- services
capital
the tools you need to produce other good it could also be money
wants
the desire to possess something
service
a system supplying a public need
