Exam Flashcards
1
Q
What are the four sources of government intervention?
A
- Financial
- Regulation/legislation.
- Information
- Direct provision.
2
Q
Productively efficient.
A
When a firms output is produced at minimum average total costs.
3
Q
Economic activity
A
The process of producing, buying and selling goods and services
4
Q
Market forces
A
Economic factors affecting the price of, demands for and supply of a good
