641425
Description
Mind Map by mikaela.farrugia, updated more than 1 year ago
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Created by mikaela.farrugia
over 10 years ago
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2.1: the nature and purpose of microeconomic activity
- Economic Activity
- Define: actions of individuals, firms and governments that help
to generate the production of goods and services, employment
and incomes
- unstable
- influences living standards
- converts scarce resources into
goods and services to help
satisfy needs and wants
- Define: actions of individuals, firms and governments that help
to generate the production of goods and services, employment
and incomes
- Level of Economic activity
- Define: describes the general pace or speed at
which productive activity is occurring nationally
- At a microeconomic level, eco activity is
determined by a change in relative prices in both
local and overseas
- has to ability to effect us now and in the future
- society can only satisfy our unlimited needs and wants.
They must expand production in order to keep up and raise
our material living standards
- realisation that natural resources will run out
- realisation that natural resources will run out
- future
generations will
not indulge in the
same material
and non material
living standards
as we do
- question we need to ask is how much of what types of economic activities should we pursue for sustainable future prosperity and living standards?
- Define: describes the general pace or speed at
which productive activity is occurring nationally
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