Micro Flashcards
1
Q
Finite
A
To have an end or limit
2
Q
Economic problem
A
Unlimited want limited resources
3
Q
Scarcity
A
The state of short supply
4
Q
Factors of Production
A
Land (natural resources), Labour (human resources), Capital (man made production), Entrepreneur (organizing land, capital and labour)
5
Q
Goods
A
Physical goods are touched, felt and held. They can be produced and consumed.
6
Q
Services
A
Activities/experiences. They are not physical and are provided by others or businesses.
7
Q
Opportunity costs
A
Potential benefit missed out from one option for another.
8
Q
PPF Graph
A
Shows maximum combinations of two goods that an economy produce in a given period of time with all resources fully and efficiently employed.
