The economic problem Flashcards
1
Q
Health care
A
Activity of looking after people health, considered to be an industry
2
Q
Needs
A
Basic requirements for human survival
3
Q
Wants
A
peoples desires for goods and services
4
Q
Opportunity cost
A
Cost of the next best alternative given up (when making a choice)
5
Q
Consumers goods
A
Those purchased confectionery, cars, tablets and furniture
6
Q
PPC
A
Production possibility curve line that shows the different combinations of two goods an economy can produce if all resources are used up
7
Q
Assumptions
A
Things that you think are true although you have no definite proof
8
Q
A
