The Basic Economic Problem

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  • Created by: ajshala1
  • Created on: 21-09-18 15:15
a consumable item that is useful to people but scarce in relation to it's demand.
economic good
1 of 18
wants are unlimited but resources are finite
basic economic problem
2 of 18
based on opinion rather than facts
normative
3 of 18
basic necessities to survive
needs
4 of 18
make choices about expenditure and influence the economy through regulation and taxation
government
5 of 18
the shortage of resources in relation to the quantity of human wants
scarcity
6 of 18
can be tested with facts
positive
7 of 18
produce output of goods and services to maximise profits
firms
8 of 18
items which are naturally in abundant supply
free good
9 of 18
reward for enterprise
profit
10 of 18
demand and spend money on goods and services
households
11 of 18
goods that can be used in the production process
capital
12 of 18
someone who takes risks, innovates and manages the factors of production
enterprise
13 of 18
reward for land
rent
14 of 18
the use of natural resources
land
15 of 18
reward for capital
interest
16 of 18
the human workforce on an economy
labour
17 of 18
reward for labour
wages
18 of 18

Other cards in this set

Card 2

Front

wants are unlimited but resources are finite

Back

basic economic problem

Card 3

Front

based on opinion rather than facts

Back

Preview of the front of card 3

Card 4

Front

basic necessities to survive

Back

Preview of the front of card 4

Card 5

Front

make choices about expenditure and influence the economy through regulation and taxation

Back

Preview of the front of card 5
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ajshala1

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Use it in a crossword it's better.

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