scrscity Flashcards
universal condition
scarcity
lack of supply of goods caused by the negative strategies of some of the individuals
shortage
done to demand for a higher price
hoarding
group of business men who manipulates and controls the distribution, consumption and pricing of a certain product
cartel
temporary condition
shortage
economic questions
what to produce
how to produce
how much to produce
for whom to produce
how to distribute
what should be produced
according to economic goals and our needs
more labour forces are used in the production of goods; so human resources are utilised
labour-intensive technique
machineries are used; main word: technology
capital intensive technique
quantity, consider the population and how many are interested to buy and consume it
how much to produce
how to know how many are interested
market research
survey
promotion
process of distributing the goods and services to the different sectors of the economy
distribution problems
