The Three Questions of Economics Flashcards
1
Q
Factors of production
A
resources needed to produce a good or service
2
Q
limited
A
restricted within boundaries
3
Q
needs
A
goods that are necessities for survival and health
4
Q
wants
A
goods that are desired despite not being needed for survival
5
Q
the three economic questions
A
the questions that every economy must at some point answer
