3416409
Descrição
FlashCards por Saffaa Haq, atualizado more than 1 year ago
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Criado por Saffaa Haq
aproximadamente 9 anos atrás
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| Questão | Responda |
| What is Economics? | Economics is the social science that studies how to allocate scarce/finite/limited resources to unlimited needs and wants |
| What are resources? | Resources are any means available to produce goods and services |
| What is the primary sector? | The primary sector is anything to do with natural resources e.g. mining, farming, hunting and extracting of natural resources |
| What is the secondary sector? | The second sector is manufacturing and producing goods |
| What is the tertiary sector? | The tertiary sector is services (goods are tangible, services are intangible) |
| What is the private sector? | The private sector is when resources/factors of production belong to individual economic agents/individuals |
| What is the public sector? | The public sector is when the factors of production belong to the state |
| What is microeconomics? | Microeconomics is the study of the behaviour of individual economic agents in individual markets |
| What 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) |
| What are economic agents? | Consumers, businesses and government |
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