Scarcity choice & the allocation of resources (1.1.4) 5.0 / 5 based on 1 rating ? EconomicsScarcity choice & the allocation of resources (1.1.4)ASAQA Created by: lee42Created on: 05-04-19 10:43 What are the main economic agents? Producers/consumers/governments 1 of 7 What is oppurtunity cost? The next big alternative 2 of 7 What is a producer? Firms that produce a good or supply services 3 of 7 What is a consumer? People who purchase goods/services 4 of 7 What is the role of the goverment? Establish rule for the economy (a body) 5 of 7 What is the main incentive of a firm? Make profit 6 of 7 What is the issue of oppurtunity cost@? Not all factors have alternatives, some alternatives are unknown, agents may lack infromation on alternatives and it ca 7 of 7
The reasons for individuals, organisations and societies having to make choices 3.0 / 5 based on 1 rating
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