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Economics AS Level > Definition and Key-terms > Flashcards

Definition and Key-terms Flashcards

memorising definitions

1
Q

Resources

A

Inputs available for the production of goods and services

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2
Q

Opportunity cost

A

cost express in terms of the next best alternatives that is forgone when a choice is made

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3
Q

Land

A

natural resources

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4
Q

labor

A

human resources available

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5
Q

capital

A

physical resources made by humans that aid the production of goods and services

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6
Q

Enterprise

A

Organising production and taking risks

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7
Q

Specialisation

A

Individuals/firm/economies concentrate on producing those goods and services where they have an advantage over others

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8
Q

Division of labor

A

Manufacturing processes split into sequence of individual tasks

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9
Q

Market economy

A

An economic system where most decisions are taken through market mechanism

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10
Q

Planned economy

A

Resources are state owned and allocated by a central body

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11
Q

Mixed economy

A

Both market forces and government allocate resources

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12
Q

Market/price mechanism

A

Allocations of resources by individual producers without government intervention

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13
Q

Excludability

A

When it is possible to stop someone from consuming goods or services

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14
Q

Rivalry

A

When consumption of one good reduces the availability of the good or services to others

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15
Q

Non-rivalry

A

When the consumption of one good doesn’t reduce the consumption of the goods to others

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16
Q

Private good

A

Goods that are consumed by one person and become unavailable to others

17
Q

Free good

A

Goods that are not scarce and has zero opportunity cost

18
Q

Free rider

A

Someone who doesn’t pay to use public a good

19
Q

Merit good

A

A good that is thought to be desirable by consumers, but which is underprovided by market due to information failure

20
Q

Information failure

A

A situation where consumers don’t get a full information when making decisions

21
Q

Demand

A

Quantity of a product that the consumer is willing and able to buy at different prices per period

22
Q

Supply

A

Quantity of product that the producers are willing and able to sell per period

Economics AS Level (3 decks)

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