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Lol > Econ > Flashcards

Econ Flashcards

1
Q

What are the 4 factors of production

A

Land
Labour
Enterprise
Capital

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2
Q

What is factors of production

A

The resources needed to produce goods

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3
Q

What is economic system

A

It is the system through which the country’s resources are allocated or distributed

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4
Q

What is opportunity cost

A

It is the cost of the next best alternative forgone when making decisions

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5
Q

What is scarcity habibi

A

It’s the lack of enough resources to satisfy unlimited human wants

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6
Q

What is land

A

Land is any natural resources used in production and the reward is RENT

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7
Q

What is capitalism

A

It is where the private sector control the economy

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8
Q

What are the types of labor mobility

A

Geographical: movement of a person from one area to another
Occupational: switching between job to job in the same area

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9
Q

What are the 3 types of economic systems

A

Socialism Capitalism and Mixed economy

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10
Q

What are economic goods

A

They are goods which require human effort for production (limited in supply and are not gifts of nature)

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11
Q

Why would sacricity continue to exist

A

Human wants are greater than the available resources

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12
Q

What is enterprise

A

It controls all other factors of production and takes risks and the reward is PROFIT

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13
Q

What is Capital

A

Capital is any man made instrument made to produce other goods and the reward is INTEREST

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14
Q

Factors affecting demand

A

Income of consumer
Price of substitutes
Price of complements
Changes in taste and fashion
Season
Advertising
Price

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15
Q

Law of demand

A

As price increases demand decreases vise versa

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16
Q

What is socialism

A

It is where the economy is controlled by the government

17
Q

What is demand

A

Amount of goods and services a consumer is willing and able to buy at different times and prices

18
Q

Causes of mobility of labor

A

Family ties
Cost of living
Technology development
Hours of work
Weather conditions
Minimum wage
Government policies

19
Q

What is the difference between needs and wants

A

Needs: something essential for survival
Wants: Something to improve the quality of life

20
Q

What is the fundamental basic economic problem

A

Scarcity

21
Q

What is Micro economics

A

The study of a smaller unit or section of the economy

22
Q

What is Macroeconomics

A

The study of the economy as a whole

23
Q

What is Labour

A

Any human effort involved in production and the reward is SALARY

24
Q

What is mobility of labour

A

The movement of a person from one job to another

25
Q

What are free goods

A

They don’t require human effort to produce and are unlimited in supply

26
Q

What is mixed economy

A

Where both the private sector and government control the economy

27
Q

What is ppc

A

It’s the maximum combination of two goods that the economy can produce with the given resources and technology

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