Economics Unit 1 0.0 / 5 ? EconomicsMarket failureASAQA Created by: SimplecityCreated on: 06-05-15 23:29 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
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