Flashcards on Economics F581, created by leighrowland on 20/02/2014.
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Created by leighrowland
almost 11 years ago
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Close
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Created by leighrowland
almost 11 years ago
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Define the
economic problem
Name & Explain
the 4 factors of production
Define opportunity cost
Define specialisation
What does a PPC curve show?
What causes an outward shift in production possibility curves?
What causes an inward shift in production possibility curves?
What is a market economy?
What is a command economy?
What is a mixed economy?
Define & Explain
the 4 functions of money
Define market
Define demand
Define consumer surplus
Determinants of demand
Define supply
Producer surplus
Define price elasticity of demand
