unit 1 Flashcards
Anna V
1
Q
central problem in the study of ecnomics
A
how to allocate scarce resources
2
Q
goods
A
physical goods - tangible
3
Q
services
A
non-physical – intangible
4
Q
produce activity (labour)
A
done by the labour force
5
Q
factors of production
A
what is used in the production process to produce output
6
Q
land
A
natural resources
7
Q
labour
A
Human Resources / employees
8
Q
capital
A
man made equipment
9
Q
enterprise
A
combines land, labour and equipment
10
Q
depletable source
A
non-renewable source
11
Q
free goods
A
resources that are not limited in supply e.g.: ideas and inventions
12
Q
economic goods
A
limited in supply such as cars, computers or land
13
Q
consumer durables
A
can be used multiple times
14
Q
consumer non-durables
A
are used up quickly
15
Q
consumer services
A
non-physical goods that provide service (services)
