the economic problem

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  • Created by: Emilysh02
  • Created on: 05-06-19 13:48
what is the economic problem?
how best to satisfy infinite desires using limited resources
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what are the four factors of production?
land, labour, capital and enterprise
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what are the three different types of economic agent?
producers, consumers and governments
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what is labour?
the work done by people
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what is capital?
equipment used in producing goods and services
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what is enterprise?
willingness to take a risk to make a profit.
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Other cards in this set

Card 2

Front

what are the four factors of production?

Back

land, labour, capital and enterprise

Card 3

Front

what are the three different types of economic agent?

Back

Preview of the front of card 3

Card 4

Front

what is labour?

Back

Preview of the front of card 4

Card 5

Front

what is capital?

Back

Preview of the front of card 5
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