How the market works: economic foundations 0.0 / 5 ? Economics3.1.1 economic foundations GCSEAQA Created by: niah earlCreated on: 06-01-19 14:27 a good/ service which is necessary for survival/ everyday function eg. water or shelter need 1 of 15 a good/ service which is desired but not a necessity eg. branded clothes want 2 of 15 the production of goods/ services to satisfy the needs/ wants of consumers central purpose of economic activity 3 of 15 main economic groups: c________ consumers 4 of 15 main economic groups: p________ producers 5 of 15 main economic groups: g_________ government 6 of 15 the resources required to manufacture goods/ services factors of production 7 of 15 factor of production: l___ land 8 of 15 factor of production: l_____ labour 9 of 15 factor of production: e_________ enterprise 10 of 15 factor of production: c______ capital 11 of 15 we have infinite wants but finite resources available to fulfill them basic economic problem 12 of 15 the next best opportunity forgone when making an economic decision opportunity cost 13 of 15 the amount of a good/ service a consumer is willing and able to purchase at a given time and price demand 14 of 15 the amount of a good/ service available for purchase supply 15 of 15
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