Flashcards
Economics
Cards in this deck (10)
- 1What is Economics?Economics is the social science that studies how to allocate scarce/finite/limited resources to unlimited needs and wants
- 2What are resources?Resources are any means available to produce goods and services
- 3What is the primary sector?The primary sector is anything to do with natural resources e.g. mining, farming, hunting and extracting of natural resources
- 4What is the secondary sector?The second sector is manufacturing and producing goods
- 5What is the tertiary sector?The tertiary sector is services (goods are tangible, services are intangible)
- 6What is the private sector?The private sector is when resources/factors of production belong to individual economic agents/individuals
- 7What is the public sector?The public sector is when the factors of production belong to the state
- 8What is microeconomics?Microeconomics is the study of the behaviour of individual economic agents in individual markets
- 9What is macroeconomics?Macroeconomics is the study of a whole economic system. It includes how a national economy works and how it interacts with other national economies (international economics)
- 10What are economic agents?Consumers, businesses and government
Information
- Description
- Basic Definitions you need to learn in Economics. Enjoy :-)
- Created by
- Saffaa Haq · Sep 2015
- Updated
- Dec 7, 2016
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