2. The nature and purpose of economic activity

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5 Terms

1
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what is the “central purpose of economic activity“

the production of goods and services to satisfy needs and wants

2
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What are the key economic descisions

What to produce?

How to produce?

Who is to benifit from the goods and services produce?

3
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Key economic descions short form

What/How/For whom to produce

4
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needs

anything required for human survival eg food. water, shelter

5
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wants

anything that someone desires or would like to have