Economics 1.1

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What is specialisation?
When a country focuses on producing goods they have an advantage in producing.
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What is division of labour?
Dividing the production process into different stages, enabling workers to focus on specific tasks.
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What is sustainability?
To use a resource in a way that does not compromise the needs of future generations.
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What is utility?
The satisfaction gained from the consumption of a good/service.
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Positive statements are...
Objective
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What does a production possibility frontier illustrate?
The trade-offs facing an economy that produces only two goods.
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What is the basic economic problem?
People's wants are unlimited but resources to satisfy these wants are limited.
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Card 2

Front

What is division of labour?

Back

Dividing the production process into different stages, enabling workers to focus on specific tasks.

Card 3

Front

What is sustainability?

Back

Preview of the front of card 3

Card 4

Front

What is utility?

Back

Preview of the front of card 4

Card 5

Front

Positive statements are...

Back

Preview of the front of card 5
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