What is economics part two ? Flashcards
1
Q
What are the two things economics is all about? and give examples?
Hint- They rhym.
A
Production of Goods and services
- How much an economy produces
- How much a person or a firm produces
- What production types are used?
- number employed
Consumption of goods and services
- How much people spend/save
- How much people buy a certain item/product
- What individuals choose to purchase
- How it can be affected by a persons income
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2
Q
What affects consumption?
A
- Advertsing
- Fashion
- How much a person earns
- Prices of items
