ECON1 - The reasons for individuals, organisations and societies having to make choices

The economic problem is...

How to allocate scarce resources among alternative uses

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The four factors of production are...

Land, Labour, Capital, Enterpreneurship

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A market is...

A place where buyers and sellers meet to determin a price and exchange their goods and services

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Division of labour is...

Having specialised labour to complete seperated tasks in the production process

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A production possibility curve (PPC) shows...

Options 1 and 3

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A shift outward of the PPC could be caused by...

Discovery of more raw materials

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Demand is...

The quatity of a product that consumers are willing and able to purchase at different prices over a period of time.

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A point inside a production possibility curve (PPC) represents...

A inefficient allocation of resources

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Other cards in this set

The four factors of production are...

Land, Labour, Capital, Enterpreneurship

A market is...

Division of labour is...

A production possibility curve (PPC) shows...

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