Microeconomics

• What are consumption goods?


  Products that are produced for direct use/ consumption by the consumer
• What are commercial services?

  Services to industry such as banking and insurance
• What are direct services?


  Services to the public such as hairdressing, retail and valeting
• What are public services?

  Services provided by the state such as health and education
• What are the 3 basic resource allocation questions?

  What, whom and how to produce?
• What is the equation for labour productivity?

  output per time period/ no of employees per time period