Economics (the nature of the economic problem) chapter 1 Flashcards
1
Q
What is the basic economic problem
A
Unlimited wants and need
2
Q
Three main economic agents
A
household,firms,The government
3
Q
Three basic economic questions
A
What to produce,how to produce,for whom to produce
4
Q
what are the 2 different provider
A
Public sector and private sector
5
Q
what are economic goods?
A
oil,wheat,cotton
6
Q
what are free good?
A
air,sea,water
