Economics Flashcards
what is the economic problem
we have limited resources with which to satisfy our unlimited goods.
what are the four factors of production?
land- raw materials used
labour- workers which are human.
capital- any tools/ any things that are used to produce the final good ( factories).
enterprise is used to produce the final product.
what is a need?
A need is something you have to have to survive.
what is a want?
something you would like to have but don’t need to survive.
what are the four sectors of the economy
the four sectors of economy is working they are:
primary - taking the materials from the land
secondary - manufactures finnished goods
tertiary- the service industry ( minimal training)
Quaternary - sophisticated service and are highly trained (e.g. Government, education)
what is the difference between persuasive and informative advertising?
informative has more information then persuasive
what is a wage?
in a wage you get paid hourly
what is a commission?
in a comission it is all about the money you make. you get a certian percent of the money you make. if you make no money you get no money on that day.
what is a salary?
you get paid monthly or yearly
define a complimentry good?
goods that go together they have a partner that if it wasn’t for it they wouldn’t exist.
