Unit 2.1 - The Allocation of resources

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Resource allocation

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11 Terms

1

Resource allocation

________: the way in which economies decide what goods and services to provide, how to produce them and who to produce them for.

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2

Macroeconomic decisions

________ are made by the government of the particular economy- a town, state or country)

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3

Macroeconomics

________ is the study of an entire economy, as a whole.

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4

Microeconomic decision makers

________ are producers and consumers (who directly operate in markets)

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5

Microeconomics

________ is the study of individual markets.

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6

Economy

an area where people and firms produce, trade and consume goods and services

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7

This can vary in size

from your local town to your country, or the globe itself

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8

For example

studying the effect of a price change on the demand for a good

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9

Macroeconomic decisions are made by the government of the particular economy

a town, state or country)

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10

Resource allocation

the way in which economies decide what goods and services to provide, how to produce them and who to produce them for

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11

Example

a market for soft drinks

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