Nature and Purpose of Economic Activity (AQA A-Level Economics): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Primary purpose of economic activity
Primary purpose of economic activity
Produce goods & services to meet people's needs & wants
Need (economics)
Need (economics)
Something essential for human survival (food, shelter, clothing)
Want (economics)
Want (economics)
Something desirable but not essential for survival
Economic welfare
Economic welfare
Economic well-being of an individual, group, or economy
Market economy
Market economy
Economy operating through price mechanism in system of markets
Command economy (planned economy)
Command economy (planned economy)
System where govt officials/planners allocate economic resources
Mixed economy
Mixed economy
Economy with both large market sector & large non-market sector
Privatisation
Privatisation
Sale of state-owned assets to private owners
Nationalisation
Nationalisation
Bringing private assets into public ownership
Deregulation
Deregulation
Removing barriers to market entry & reducing govt bureaucracy