Economic Basics
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Last updated about 7 years ago
10 questions
1
The study of how society allocates scarce resources and goods
The study of how society allocates scarce resources and goods
1
A person or group that is the final user of goods and services produced within
an economy
A person or group that is the final user of goods and services produced within
an economy
1
Physical items that satisfy needs and wants
Physical items that satisfy needs and wants
1
Money earned through employment or investment
Money earned through employment or investment
1
Performance of laborious mental or physical tasks and/or provision of time and
effort in exchange for money
Performance of laborious mental or physical tasks and/or provision of time and
effort in exchange for money
1
Any organised exchange of goods and services for money; can be physical or
online/over telephone
Any organised exchange of goods and services for money; can be physical or
online/over telephone
1
Goods or services that are essential for life
Goods or services that are essential for life
1
An individual or business involved in the production of goods and services
An individual or business involved in the production of goods and services
1
Actions done for you by others to satisfy your needs and wants, ie: doctors,
hairdressers
Actions done for you by others to satisfy your needs and wants, ie: doctors,
hairdressers
1
Non-essential goods and services
Non-essential goods and services