Unit 1.1 - The Basic Economic Problem
0.0(0)
Studied by 4 people
View linked note
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/12
There's no tags or description
Looks like no tags are added yet.
Last updated 2:46 AM on 7/8/22
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
13 Terms
1
New cards
Entrepreneurship
________ is the combination of these resources to package them in a manner that is valuable to consumers.
2
New cards
Finite resources
________ and unlimited wants, choice and trade- offs of producers and government, economic goods, free goods.
3
New cards
Scarcity
________: limitation of productive resources e.g.
4
New cards
Opportunity cost
________: (form of a trade- off)
5
New cards
human capital
Use of the ________ of the seller to satisfy a specific want or need of the consumer.
6
New cards
monetary value
Has a(n) ________ or price in the market.
7
New cards
economic problem
The ________ is unlimited wants and scarcity which is the limited number of resources such as land, labour, capital and entrepreneurship.
8
New cards
economic good
A(n) ________ is a good or service that has a benefit (utility) to society.
9
New cards
Monetary value
________ is the cost or price of something.
10
New cards
Needs
items necessary for survival such as food, water, shelter & clothing/ basic needs of life
11
New cards
Wants
items not necessary for survival such as electronics, transport, clothes
12
New cards
Scarcity
limitation of productive resources e.g
13
New cards
Opportunity cost
(form of a trade-off)
