Economics is a social science. It studies how scarce resources that have alternative uses are distributed to satisfy our infinite needs and wants
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Opportunity Cost
Opportunity cost is when you make the decision to buy a good you are deciding not to buy the other. eg. A farmer chooses to grow potatoes instead of wheat also makes a choice and incurs an opportunity cost.
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Free Market Economic System
Most of the decision making is left to private individuals, the government's role is left to a minimal - to provide essential services such as policing, defence, health services and education. eg. USA & Japan
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Centrally Planned Economic System
The government takes control of the means of production and makes most of the decisions. eg. Cuba and China
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Mixed Economic System
A combination of the two other systems, decision are made by both the private sector and the government. eg. Ireland and Britain
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Other cards in this set
Card 2
Front
Opportunity cost is when you make the decision to buy a good you are deciding not to buy the other. eg. A farmer chooses to grow potatoes instead of wheat also makes a choice and incurs an opportunity cost.
Back
Opportunity Cost
Card 3
Front
Most of the decision making is left to private individuals, the government's role is left to a minimal - to provide essential services such as policing, defence, health services and education. eg. USA & Japan
Back
Card 4
Front
The government takes control of the means of production and makes most of the decisions. eg. Cuba and China
Back
Card 5
Front
A combination of the two other systems, decision are made by both the private sector and the government. eg. Ireland and Britain
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