The nature and purpose of economic activivty (1.1.2)

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  • Created by: lee42
  • Created 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

Other cards in this set

Card 2

Front

what is a "want"?

Back

Things people can live without

Card 3

Front

What is the basic economic problem?

Back

Preview of the front of card 3

Card 4

Front

What is an example of a fundamental economic problem?

Back

Preview of the front of card 4

Card 5

Front

What is the purpose of economic activity?

Back

Preview of the front of card 5

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