THE ECONOMIC PROBLEM
SATISFACTION OF HUMAN WANTS
CONSUMER GOODS AND SERVICES
OPPORTUNITY COST IN PRODUCTION
ECONOMIC SYSTEMS
100
When you don't have enough resources to satisfy our wants
What is SCARCITY
100
Things that people need for survival
What is NEEDS
100
ANYTHING THAT SATISFIES THE WANTS OF THE CONSUMERS
What is CONSUMER GOODS
100
FULL WORD FOR PPC
What is PRODUCTION POSSIBILITY CURVE
100
These are the three fundamental questions (that maybe asked) ; Economic System
What is WHAT, WHO AND HOW TO PRODUCE
200
If I need to buy a Beat Pill with $199 USD, one is RED and the other is BLUE. I took the RED ONE. What is this called..
What is CHOICE
200
Things that are not essential to life
What is WANTS
200
TWO TYPES OF CONSUMER GOODS
What is DURABLE AND NON - DURABLE GOODS
200
Used to explain the concept of scarcity, choice and opportunity cost
What is PPC or PRODUCTION POSSIBILITY CURVES
200
Two types of economies
What is Mixed / Planned Economy
300
The next best desired alternative ( WHAT WE GIVE UP INORDER TO GAIN)
What is OPPORTUNITY COST
300
An example ________________ resource is an telephone or calculator.
WHAT IS MAN-MADE RESOURCES
300
Used to make other goods and services. Eg. TRUCKS
What is CAPITAL GOODS
300
Arise WHEN the usage of resource because these resources could be used to do other things(which will not be in agreement with the other stakeholder).
What is CONFLICTS OF INTEREST
300
This is one word that is described as a disadvantage of a planned economy.
WHAT IS BUREAUCRACY
400
It tells us that people have unlimited wants (for essential items such as food, shelter and clothing.)
What is ECONOMIC PROBLEM
400
An ________ good is one that is scarce in availability.
What is an ECONOMIC GOOD
400
Provided by the government and not the private sector because they do not generate profits
What is PUBLIC GOODS
400
Using goods and services by consumers to satisfy needs and wants
What is Consumption
400
From which economy is this advantage from: More resources are channeled into social services
What is PLANNED
500
FACTORS OF PRODUCTION
What is LAND, LABOUR, CAPITAL AND ENTERPRISE
500
Any resource that is freely available and is in abundance
What is a Free good
500
Anything that the governments feels would benefit the society
What is MERIT GOODS
500
THE TWO COMPONENT/FACTORS THAT MAKE UP THE ECONOMIC PROBLEM
What is UNLIMITED WANTS AND LIMITED RESOURCES
500
Which economy is this from and is it and ADVANTAGE OR DISADVANTAGE : Limited scope of achieving personal desires due to the type of economy.
What is a DISADVANTAGE OF A PLANNED ECONOMY
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