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MICRO 1.1 Economic methodology and the economic problem > 1.1.2 The nature and purpose of economic activity > Flashcards

1.1.2 The nature and purpose of economic activity Flashcards

1
Q

Need definition

A

something that humans require to survive e.g. food, shelter, warmth

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2
Q

Want definition

A

something not essential fir survival but which people feel improves their standard of living or economic welfare

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3
Q

Economic welfare

A

the standard of living or gebneral well-being of people in society.

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MICRO 1.1 Economic methodology and the economic problem (5 decks)

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