Resources Flashcards
1
Q
What are free goods?
A
Goods are so abundant that there is no scarcity. They have no price.
2
Q
What are economic goods?
A
Scarce goods have a price.
3
Q
How are economic goods allocated?
A
The price system which is 90%
Rationing - Vouchers
Queuing - First in first served.
4
Q
How do we know an economic good is very scarce?
A
The price is very high.1
5
Q
What are the resources of an economy?
A
Labour.
Capital.
Land.
Entrepreneurship.
