Business(Economic framework)
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Things which individuals ,businesses and governments own and use in the production of goods and services E.g, money,buildings,machinery,land and oil
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| show | Resources that are scarce or limited when there are not enough resources to do all that things that need to be done E.g you have 20 euro but you want something which constists of 50 euro. You have to make choices
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| show | The study of how individuals,businesses ans governments make choices on how to use their limited or scarce resources
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| show | Wants are things you would like to have if you had enough resources,needs are things you can do without
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| show | The actual cost of an item you buy
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| show | When you make a choice between a number of things you loose the opportunity of having the things you did not choose
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| What are the factors of production? | show 🗑
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| show | The system or way the factors of production are used.In Ireland the system used is a mixed economic system because both the government and private individuals are involved in producing and distributing goods and services
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| What is economic growth? | show 🗑
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| show | An increase in the cost of living from one year to another
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| How do you claculate the rate of inflation? | show 🗑
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Created by:
Chimozukee
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