The Basic Economic Problem: Unit 1

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  • Created by: BCS
  • Created on: 27-02-16 12:35
What is the basic economic problem?
Scarcity
1 of 6
What are the 4 factors of production?
Land, labour, capital and enterprise
2 of 6
What is the reward for capital?
Interest
3 of 6
What is opportunity cost?
The next best alternative that is sacrificed when a decision is made
4 of 6
What are the 3 main groups that make up the economy?
Consumers, producers and the government
5 of 6
What 2 decisions are made by producers?
What to produce, where to produce
6 of 6

Other cards in this set

Card 2

Front

What are the 4 factors of production?

Back

Land, labour, capital and enterprise

Card 3

Front

What is the reward for capital?

Back

Preview of the front of card 3

Card 4

Front

What is opportunity cost?

Back

Preview of the front of card 4

Card 5

Front

What are the 3 main groups that make up the economy?

Back

Preview of the front of card 5
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