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22 questions
| 🇬🇧 | 🇬🇧 |
| What are the factors of production | CELL : capital, enterprise, land, labour |
| Define opportunity cost: | The next best alternative given up or gone when the best alternative is made. |
| What do we call demand for factors of production | Derived demand |
| What are the factor rewards | WRIP: wages, rent, interest, profit |
| What is factor mobility: | Factor mobility is the ability to move factors of production out of one production process into another. |
| What is the basic economic problem: | People have unlimited wants but there are limited resources to satisfy these wants. |
| What is utility | Satisfaction |
| What are the 2 things that affect market failure? | 1) misallocation of resources. 2) the negative externalities. |
| Define market failure | When free markets fail to produce goods and services that are worthwhile, or when the decisions of producers result in wasteful or harmful activities. |
| What are public goods/services: | They are services that benefit all members of society and are often provided for free through public taxation. e.g lamp posts |
| What are merit goods/services: | Merit goods are goods that are only given to targeted people, they are not given to the entire society. e.g education, vaccine |
| What are the 2 types of factor mobility? | 1) occupation mobility 2) geographic mobility |
| Define occupation mobility: | The ability to move factors between different productive tasks ( more on labour & capital ) |
| Define geographic mobility: | The ability to move factors of production between countries. |
| What are consumer goods? | It is an economic good that satisfies an imidiate consumer needs and wants. |
| What is the reward for capital? | Interest |
| Contrast between goods and service: | 1. measuribilty for goods are tangible while for services are intangible. 2. visibility for goods are visible while for services are invisible. |
| Similarities between goods and services: | 1. both can increase consumer satisfaction/utility. 2. both are called products. |
| List 3 economic problem: | 1) resources are finite- limited in supply. 2) resources are used up in the production of goods and services. 3) human wants for goods and services are without limit. |