1. 2 pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt IntroductionConsumers Factors of Production Economic Systems A ‘Econo’mixx

2. There is not enough for everyone to satisfy their wants

3. What is scarcity

4. Economic resources are limited while people’s wants are limited

5. What is “the basic economic problem”

6. The value of the thing or things given up when a choice is made.

7. What is opportunity cost

8. This shows possible combination of goods and services that can be produce with a given set of resources

9. What is the PPF

10. Using the graph: Allocation of resources, at this point, are not optimal

11. What is point “D”

12. Consumer have the option of spending or doing this to their income

13. What is “saving”

14. This is the total personal income of an individual from all sources

15. What is “gross personal income”

16. The purchasing power of money income

17. What is “real income ”

18. This is the measure of satisfaction, according to Economists

19. What is “utility”

20. In Economics, theses are the goods and services that are consumed immediately.

21. What are “durable goods”

22. This factor can be used to refer to the sun and the earth

23. What is “land”

24. Labor, as a factor of production, has a reward

25. What is “wages or salary”

26. This factor is often termed the “man made factor”

27. What is “capital”

28. The risk bearing factor

29. What is the “entrepreneur”

30. Limited liability is an advantage of this type of business organisation

31. What is “Limited Companies”

32. The activity of sharing up the scarce resources

33. What is “allocation”

34. This describes the ways in which a country allocates or distributes its scarce resources amongst alternative and competing wants.

35. What is “an economic system”

36. Freedom of choice is limited to consumer deciding how to spend their money

37. What is “the free market economy”

38. These are the owners of limited liability companies

39. Who is “a shareholder”

40. What to produce, how to produce and for whom to produce?

41. What are “the three basic economic questions”

42. In this system the state are government allocates the scarce resources

43. What is “the command/planned economy”

44. This system has a private sector and the public sector

45. What is “the mixed economy”

46. The first system, usually described as primitive

47. What is “the traditional economic system”

48. Clovis generate this through his monthly income less his expenditure.

49. What is his savings

50. Determine the value of my personal savings if my yearly income is $21, 600, NIB is 5% and my expenditure is $900 monthly.

51. What is $9,720