The economic problem, specialisation, exchange, division of labour, PPCs and economic systems.
- Created by: Jade
- Created on: 21-11-12 18:59
Other questions in this quiz
2. Give an example of a market economy
- Czech Republic, Hungary, France and the UK
- Singapore and the USA
- Albania and North Korea
3. What is a market economy?
- An economic system whereby resources are allocated through the market forces of demand and supply
- An economic system whereby the government has a central role in all decisions that are made, responsible for the allocation of resources
- An economic system in which resources are allocated through a mixture of the market and direct public sector
4. A situation where there are insufficient resources to meet all wants is the definition of ?
- Opportunity cost
- Scarcity
- Choice
5. Any point lying outside the PPC is?
- Occurs when there are unemployed resources or when the economy uses resources inefficiently
- Unattainable because a country would require an increase in factor resources, efficiency of factor resources or an improvement in technology
- Unattainable because the economy does not have the resources to sustain this level of output
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