Economics Flashcards
1
Q
Goods and Services Definition
A
A good is a product bought for enjoyment and services is something bought that is needed.
2
Q
What are the Four Types of Resources
A
Explains natural, labor, capital resources, and entrepreneurship.
3
Q
Wants vs Needs Differentiation
A
Differentiates between wants (non-essential desires) and needs (essential for survival).
4
Q
Opportunity Cost Explanation
A
Defines opportunity cost as the cost of the next best alternative use of resources, or the act of giving up something for something else.
5
Q
What are the Australian Economy Participants
A
Discusses consumers, producers, government, and financial institutions as key participants in the Australian economy, detailing their roles and interactions.
