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19 preguntas
| 🇬🇧 | 🇬🇧 |
| What are the differences between needs and wants? | Needs are limited and are needed for survival. wants are unlimited and are for improving standards of living. |
| Compare the similarities between goods and services | 1. Both can increase consumer satisfaction/utility-. 2. Both are called products. |
| Compare the contrasts between goods and services | 1. measurability for goods are tangible while for services are intangible. 2. visibility for goods are visible while for services are invisible. |
| Name the factors of production | 1. land. 2. labour. 3. enterprise. 4. capital. |
| What is the basic economic problem? | Finite resources and unlimited wants. |
| What is opportunity cost? | Refers to the next best alternative given up or for gone when the best/alternative is made. |
| What are consumer goods? | It is an economic good that satisfies an immediate consumer needs and wants. |
| What are capital goods? | Eg. screwdrivers, drills, they do not satisfy any immediate human needs or wants. |
| Define the factors of production | 1. labour - people who contribute mental or physical effects. 2. land - natural resources used to produce products. 3. enterprise - a set of collective skills to produce products. 4. capital - human made resources used to produce other goods and service e.g. screwdrivers, machinery. |
| What are factor rewards? | 1. rent - land. 2. wages - labour. 3. interest - capital. 4. profit - enterprise. |
| What is factor mobility? | It is the ability to move factors of production out of one production process into another |
| What are the two main types of factor mobility? | 1. occupational mobility - refers to the ability to move factors between different productive tasks. 2. geographic mobility - the ability to move factors of production to different locations. |
| How to know whether PED (Price Elasticity Of Demand) is elastic, unitary or inelastic? | PED > 1, elastic PED = 1, unitary PED < 1, inelastic |
| What is the formula to calculate PED? | File:///C:/Users/HP/Pictures/Screenshots/Screenshot%20(127).png triangle - change p - price q - quantity |
| How to find the percentage change in quantity? | File:///C:/Users/HP/Pictures/Screenshots/Screenshot%20(128).png |
| How to find the percentage change in price? | File:///C:/Users/HP/Pictures/Screenshots/Screenshot%20(129).png |
| What is the formula to find out whether PES is inelastic or elastic? | File:///C:/Users/HP/Pictures/Screenshots/Screenshot%20(130).png file:///C:/Users/HP/Pictures/Screenshots/Screenshot%20(126).png |
| How to check whether elastic or inelastic? | File:///C:/Users/HP/Pictures/Screenshots/Screenshot%20(131).png a = totally inelastic b = perfectly elastic |
| List the 3 economic problem: | 1) resources are finite- limited in supply. 2) resources are used up in the production of goods and services. 3) human wants for goods and services are without limit. |