The nature and purpose of economic activivty (1.1.2) 0.0 / 5 ? EconomicsThe nature and purpose of economic acitivity (1.1.2)ASAQA Created by: lee42Created on: 05-04-19 10:02 What is a "need"? Things people cant live without 1 of 5 what is a "want"? Things people can live without 2 of 5 What is the basic economic problem? It is the problem on how to allocate limited resources to satisfy wants and needs 3 of 5 What is an example of a fundamental economic problem? Running out of fossil fuels 4 of 5 What is the purpose of economic activity? It is to produce goods/services to satisfy customers wants and needs 5 of 5
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