Economic Methodology & the Economic Problem

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Why does the fundamental economic problem exist?
Because both goods & the resources needed to produce goods are scarce.
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What is the Economic Problem?
How can limited resources fulfil everyone's needs & wants.
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When does an Opportunity Cost Arise?
When a decision/choice has to be made.
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What are the Inputs into the Production Process called?
Factors of Production.
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What is the Role of an Entrepreneur?
The factor of production that decides what to produce, how to produce & for whom to produce.
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What Key Economic Concepts can be shown on a PPD?
Scarcity, Choice, Opportunity Cost, Economic Growth, Full Employment & Unemployment.
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What Type of Economy is the UK Economy?
A Mixed Economy,containing a mix of market & non-market sectors, & private & public sectors.
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Other cards in this set

Card 2

Front

What is the Economic Problem?

Back

How can limited resources fulfil everyone's needs & wants.

Card 3

Front

When does an Opportunity Cost Arise?

Back

Preview of the front of card 3

Card 4

Front

What are the Inputs into the Production Process called?

Back

Preview of the front of card 4

Card 5

Front

What is the Role of an Entrepreneur?

Back

Preview of the front of card 5
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