Economic Problem Flashcards
1
Q
Economics
A
Is about Scarcity and making choices
2
Q
Economic Problem
A
We have limited Resources and unlimited Wants
3
Q
Because there is a ——- in resources one has to make a ——- between two items. This is called the ——–.
A
Scarcity, Choice, Opportunity Cost
4
Q
Opportunity Cost
A
A measurement of an economic choice. It is the opportunity foregone when making decision
5
Q
Microeconomics
A
Part of economy (individuals and firms). Eg personal decision making
6
Q
Macroeconomics
A
Study of the economy as a whole. Eg government spending, unemployment
7
Q
Limited Resources
A
Land, Labour, Capital, Enterprise
8
Q
Land
A
Trees, animals,minerals
9
Q
Labour
A
Surgeon,bricklayer
10
Q
Capital
A
Computer,projector
11
Q
Enterprise
A
New, Knowledge, Combine Resources
