Unit 1

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  • Created by: hugob
  • Created on: 22-09-14 07:57
Problem
Unlimeted wants
1 of 18
The earth
Limited Resources
2 of 18
The economic problems
blank
3 of 18
what to produce
-Food -Water -Shelter
4 of 18
how to produce it
-Animals -Plants -Water pods -rain -wood -leafs
5 of 18
For whom?
-Us -them
6 of 18
Opportunity cost
The benefit we would have enjoyed from the next best alternative
7 of 18
Production Possibility Curve (look at picture 1 in folder)
The curve represents choices a (nation/firm/person) can make
8 of 18
Note*
The curve a;sp represents what you can achieve with 100% effieciency
9 of 18
(do example question 1 in folder)
well done buddy
10 of 18
Factors of production
Read next cards
11 of 18
Labour
of the labour -age -quality -quantity
12 of 18
Land
-Natural resources -space
13 of 18
Capital
-man made -money(kinda)
14 of 18
Entrepreneurship
- a bit of magic -someone with an idea
15 of 18
Economic Systems (look at photo 2 in folder)
good job
16 of 18
Advantages and Disadvantages of Free Market Economy
(look at photo 3 in folder)
17 of 18
Well Done bud
Thanks, SwegMaistro
18 of 18

Other cards in this set

Card 2

Front

The earth

Back

Limited Resources

Card 3

Front

The economic problems

Back

Preview of the front of card 3

Card 4

Front

what to produce

Back

Preview of the front of card 4

Card 5

Front

how to produce it

Back

Preview of the front of card 5
View more cards

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