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More cards in this set
Card 6
Front
Where all resources are allocated by private individuals and groups.
Back
Card 7
Front
Where all resources are allocated by the government.
Back
Card 8
Front
Where some resources are allocated by the government, and others by private individuals and groups.
Back
Card 9
Front
The government sector of the economy, where organisations are owned and run by the government.
Back
Card 10
Front
The sector of the economy where firms and owned and run by private individuals and groups-their main aim is profit maximisation.
Back
Card 11
Front
When more product is produced than is required.
Back
Card 12
Front
A market situation in which there are large numbers of buyers and sellers.
Back
Card 13
Front
A situation where there is only one firm selling in a market.
Back
Card 14
Front
When a firm has more than 25% of the market share.
Back
Card 15
Front
The quantity buyers are willing and able to buy at a given price in a given period of time.
Back
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