Economics Unit 1

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Goods and Services
Goods are tangible products e.g. things you can hold. Services are intangible products e.g. finance,tourism
1 of 5
Economic Welfare
Benefit/Satisfaction an individual/society get from an allocation of resources based on a few things: how well of people feel
2 of 5
What is the central purpose of the economic System?
To produce Goods and Services to meet Needs and Wants, To increase Economic Welfare for citizens
3 of 5
Economic Problem?
People have infinite wants but scare resources.
4 of 5
Opportunity Cost?
Next Best Alternative Once an economic De
5 of 5

Other cards in this set

Card 2

Front

Benefit/Satisfaction an individual/society get from an allocation of resources based on a few things: how well of people feel

Back

Economic Welfare

Card 3

Front

To produce Goods and Services to meet Needs and Wants, To increase Economic Welfare for citizens

Back

Preview of the back of card 3

Card 4

Front

People have infinite wants but scare resources.

Back

Preview of the back of card 4

Card 5

Front

Next Best Alternative Once an economic De

Back

Preview of the back of card 5

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