Unit 1 Flashcards
1
Q
What are resources used for?
A
Resources are used to produce goods and services and provide services.
2
Q
What are free goods?
A
Resources that are not scare, eg. air.
3
Q
What is the economic problem?
A
Resources are scare while people’s wants are unlimited.
4
Q
What is the problem of resource allocation?
A
That resources have alternative uses.
