Resources Flashcards
1
Q
How are scarce resources allocated
A
- Price System
- Rationing - via vouchers
- Queing System - first in first served
2
Q
What are free goods
A
goods so abundant there is no price for them
3
Q
What are economics goods
A
Scarce goods that are allocated by Price Systhem or Rationing or queuing
4
Q
What happens if goods are really scarce ?
A
The Price rises
5
Q
what are the resources
A
Land,labour,capital,entrepreneurship
6
Q
define land
A
raw menterials supplied by nature
7
Q
define labour
A
human resources or human effort
