Economics F581

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