More cards in this set

When does scarcity occur?

What countries does scarcity generally affect?

What decisions does scarcity lead to and who do they affect?

Define opportunity cost?

Characteristics of non-renewable resources and 2 ways in which the rate of decline can be reduced

Characteristics of renewable resources

What is a free-market economy?

Give an example of a country which is a mixed economy?

Is the price mechanism the public or private sector?

Define positive economics