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The Economic Problem
AQA and Edexcel A-Level
Terms in this set (9)
What does 'scarcity' mean?
Where we have limited resources but infinite wants
What is the central purpose of economics activity?
To produce goods and services to fulfill our wants and needs
What are the 3 questions economics seeks to answer?
What to produce? How to produce it? Who should get it?
What do we call an economy where Government makes decisions on production and allocation?
Command Economy or Planned Economy
What do we call an economy where markets make decisions on production and allocation?
What do we call an economy where both markets and government make decisions on production and allocation?
What do consumers seek to maximise?
What do producers seek to maximise?
What do governmemts seek to maximise?
Sets found in the same folder
Year 12 Microeconomics
Edexcel Economics A Theme 1
Year 12 Micro
Other sets by this creator
Production, Costs, Revenues and Profits
(Up to & including) Economic Resources
Introduction to Economics