Micro 1.2

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What is the main purpose of economic activity?
To satisfy society's needs and wants.
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What is a need?
Something humans require to survive.
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What is a want?
Something not essential for survival, but improves standard of living or economic welfare.
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What is economic welfare?
The standard of living or general wellbeing of individuals in society.
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What does satisfying needs and wants lead to?
Improved economic welfare.
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How does increased real GDP per capita increase average standard of living?
It allows people to satisfy more of their needs and wants.
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Other cards in this set

Card 2

Front

What is a need?

Back

Something humans require to survive.

Card 3

Front

What is a want?

Back

Preview of the front of card 3

Card 4

Front

What is economic welfare?

Back

Preview of the front of card 4

Card 5

Front

What does satisfying needs and wants lead to?

Back

Preview of the front of card 5
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