Economic activity Flashcards
(10 cards)
What is a need?
a need is any good or service that we require for survival
What is the purpose of economic activity?
the purpose of economic activity is the production of goods and services to satisfy the ever-changing needs an wants of society
What is one example of a need?
Food, Water, Shelter
What is a want?
a want is any good/service that is desired but is not necessary for survival
What is one example of a want?
“Food”, branded clothes (fashion), entertainment,
What are the key economic groups?
consumers, producers, the government
What is a consumer?
those who want/need the goods and services and buy them at a price?
What is a producer?
those who make the goods and services and sell them for a profit.
What is the government?
the organisation who decides who should benefit and how to distribute the goods and
services produced.
What is the key economic idea?
unlimited wants and limited resources to make those wants
