Oppurtunity Cost Flashcards
1
Q
Market Economy
A
Private sectors firms provide most of the goods and services which is distributed by market forces
2
Q
Planned/command economy
A
Public sector organisations provide most of the goods and services which is often sold in state owned shops
3
Q
Mixed economy
A
Both private and public sector organisations provide goods and services
4
Q
Economy
A
System that attempts to solve the basic economic problem
5
Q
Efficiency
A
Minimising costs and the use of resources
6
Q
Private sector
A
The provision of goods and services by business that are owned by individuals or group of individuals
7
Q
Public goods
A
Goods that are not likely to be provided by the private sector
8
Q
Public sector
A
Government organisations that provide goods and services in the economy
