The Basic Economic Problem

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Economics

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4 Terms

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Main Activities in an Economy

  1. Production

  2. Consumption

  3. Exchange

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The Main Economic Problem

Scarcity leads to choices leads to opportunity cost

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Free Goods vs Economic Goods

Free goods

  • Large quantities

  • Valuable but free

  • Not owned by individuals

  • Not an indication of wealth

Economic goods

  • Limited quantities

  • Valuable and carry a price

  • Owned by individuals

  • Indication of wealth

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Factors of Production & Rewards

  • Natural resources/land

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