Unit 1 Flashcards
1
Q
What is economics
A
2
Q
Importance of economics in understanding everyday activity, personally and for society
A
3
Q
Basic economic problem
A
4
Q
Explain the concept of scarcity/choice/opportunity cost
A
5
Q
Construct and use PPF to explain the basic economic problem
A
6
Q
4 economic questions
A
- What to produce
- How to produce
- Whom to produce it for
- How much to produce
7
Q
Purpose of 4 economic questions
A
8
Q
Define factors of production with examples
A
