unit 1 revision

What is meant by the economic problem?
how to allocate scarce resources amoung alternative uses
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What is meant by microeconomics?
the study of how households and firms make decisions in a market
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What is meant by macroeconomics?
the study of issues that affect economices as a whole
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What is meant by the factors of production?
The resource inputs that are available in an economy for the production of goods and services
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State 3 factors of production and give an example of each one
land- the land itself used to build a factory, soil for agriculture, Labour- the workers that run the machines or book holidays etc and capital- the machinary used e.g. machines, transport vechiles
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What is meant by factor endowment?
the stock of factors of production
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what is meant by production?
the output of goods and services
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What is meant by a want?
anything you would like irrespective of whether you have the resources to purchase it
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Other cards in this set

Card 2

Front

What is meant by microeconomics?

Back

the study of how households and firms make decisions in a market

Card 3

Front

What is meant by macroeconomics?

Back

Preview of the front of card 3

Card 4

Front

What is meant by the factors of production?

Back

Preview of the front of card 4

Card 5

Front

State 3 factors of production and give an example of each one

Back

Preview of the front of card 5
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