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Economics - Microeconomics (year1) > intro > Flashcards

intro Flashcards

1
Q

basic economic problem

A

what to produce? how to produce it? who to produce it for?

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2
Q

FREE MARKET

A

no govt. intervention (price mechanism - supply & demand)

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3
Q

COMMAND ECONOMY

A

all resources provided by govt.

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4
Q

FoP: LAND

A

all natural resources

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5
Q

FoP: LABOUR

A

all human effort

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6
Q

FoP: CAPITAL

A

all man-made goods used to produce g&s

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7
Q

FoP: ENTERPRISE

A

the person who organises other FoP’s, taking risk

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8
Q

POSITIVE STATEMENT

A

can be tested (can be wrong)

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9
Q

NORMATIVE STATEMENT

A

opinion (value judgement)

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10
Q

needs

A

essential for survival. any household unable to afford the basic needs is said to be suffering from ABSOLUTE POVERTY

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11
Q

wants - SCARCITY

A

wanted resources, unlimited wants

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Economics - Microeconomics (year1) (5 decks)

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