Economic Methodology & the Economic Problem 0.0 / 5 ? EconomicsEconomic Methodology & the Economic ProblemASAQA Created by: Oreo CostaCreated on: 15-01-18 19:56 Why does the fundamental economic problem exist? Because both goods & the resources needed to produce goods are scarce. 1 of 7 What is the Economic Problem? How can limited resources fulfil everyone's needs & wants. 2 of 7 When does an Opportunity Cost Arise? When a decision/choice has to be made. 3 of 7 What are the Inputs into the Production Process called? Factors of Production. 4 of 7 What is the Role of an Entrepreneur? The factor of production that decides what to produce, how to produce & for whom to produce. 5 of 7 What Key Economic Concepts can be shown on a PPD? Scarcity, Choice, Opportunity Cost, Economic Growth, Full Employment & Unemployment. 6 of 7 What Type of Economy is the UK Economy? A Mixed Economy,containing a mix of market & non-market sectors, & private & public sectors. 7 of 7
Comments
No comments have yet been made