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Microeconomics > General Economic Activity > Flashcards

General Economic Activity Flashcards

1
Q

What is economics

A

The production of goods and services to satisfy needs and wants, and thereby to improve economic welfare

Unlimitied demand vs limited supply

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2
Q

What is a free market

A

When there is no govt interferance within the economy

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3
Q

What is a planned economy

A

When there is govt interference in the economy

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4
Q

Define economic welfare

A

The economic well being of an individual or a group within society or an economy

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Microeconomics (14 decks)

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