Economics

Saffaa Haq
Flashcards by Saffaa Haq, updated more than 1 year ago
Saffaa Haq
Created by Saffaa Haq over 5 years ago
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Description

Basic Definitions you need to learn in Economics. Enjoy :-)

Resource summary

Question Answer
What is Economics? Economics is the social science that studies how to allocate scarce/finite/limited resources to unlimited needs and wants
What are resources? Resources are any means available to produce goods and services
What is the primary sector? The primary sector is anything to do with natural resources e.g. mining, farming, hunting and extracting of natural resources
What is the secondary sector? The second sector is manufacturing and producing goods
What is the tertiary sector? The tertiary sector is services (goods are tangible, services are intangible)
What is the private sector? The private sector is when resources/factors of production belong to individual economic agents/individuals
What is the public sector? The public sector is when the factors of production belong to the state
What is microeconomics? Microeconomics is the study of the behaviour of individual economic agents in individual markets
What is macroeconomics? Macroeconomics is the study of a whole economic system. It includes how a national economy works and how it interacts with other national economies (international economics)
What are economic agents? Consumers, businesses and government
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