The Economc Problem

Question 1

What are ‘goods’?

Answer 1

Things that are produced to be sold

Question 2

What does it mean to be ‘finite’?

Answer 2

having an end or a limit

Question 3

What is fertile soil?

Answer 3

It’s a ground that is capable of producing crops

Question 4

What’s healthcare food?

Answer 4

It’s the activity of looking after people’s health(considered to be an industry)

Question 5

What are needs?

Answer 5

The basic requirements for human survival

Question 6

What are wants?

Answer 6

people’s desires for goods and services

Question 7

What does it mean to be infinite?

Answer 7

without limits

Question 8

What’s the basic economic plan?

Answer 8

It’s the allocation of a nation’s scarce resources between competing uses that represent infinite wants

Question 9

What are scarce resources?

Answer 9

It’s the amount of resources available when supply is limited

Question 10

What does it mean to allocate?

Answer 10

to decide officially that a particular amount of money, time, etc. should be used for a particular purpose.

Question 11

What’s distribution?

Answer 11

It’s the act of sharing things among a large group of people in a planned way.

Question 12

What are choices?

Answer 12

It’s the deciding between alternative uses of scarce resources.

Question 13

What’s sacrifice?

Answer 13

It’s something valuable that you decide not to have, in order to get something that is more important

Question 14

What’s opportunity cost?

Answer 14

Cost of the next best alternative given up (when making a choice)

Question 15

What’s expenditure?

Answer 15

It’s the spending by a government, usually a national government

Question 16

What does it mean to ‘eliminate’?

Answer 16

to get rid of something unnecessary or unwanted

Question 17

What are capital goods?

Answer 17

Goods that are those which is purchased by firms and used to produce other goods such as factories machinery, tools, and equipment

Question 18

What are consumer goods?

Answer 18

Goods that are those which is purchased by households such as food, confectionery, cars, tablets, and furniture

Question 19

What’s a production possibility curve (PPC)?

Answer 19

Line that shows the different combinations of two goods an economy can produce if all resources are used up

Question 20

What’s an economic growth?

Answer 20

An Increase in the level of output by a nation

Question 21

What does it mean by the term ‘proportion’?

Answer 21

Part of a number or an amount, considered in relation to the whole

Question 22

What’s vocational?

Answer 22

Training that teaches you the skills you need to do a particular job

Question 23

What’s agricultural?

Answer 23

Practice or science of farming

Question 24

What can cause negative economic growth?

Answer 24

Negative economic growth can be caused by resource depletion, adverse weather patterns, emigration of skilled workers, and wars/natural disasters.