Economic Flashcards
How many rights are in customer rights law
5
Customers right (1)
- right to receive information
- right to choose and services freely
- right to be safe from using goods and service
Customers right (2)
- right to receive fairness in contract
- right to be considered and compensated
What does GDP mean?
Gross domestic product
Type of investment (2)
- Private sector
- Government sector
- Private sector (2)
- processing / direct investment
- monetary - indirect investment
- processing / direct investment
-what is it
-example
-goods and services that are used to increase income and profit
-e.g.factories, machines, offices, and labor
- monetary - indirect investment
-what is it
-example
-is the investment that gets money from the difference in the prices
-e.g.buying stocks - bonds and share
Goverment sector
example
build public utilities, education, public health
Production factors (4)
- Land
- labour
- Capital
- entrepreneur
- Land
resources that come from the land
e.g. field forest
- labour
represented the human effort, skill, and knowledge that go into producing goods and products.
- Capital
refers to the tools, machines, equipment, and financial resources (money)
- entrepreneur
is someone who starts and runs the business using land, labor, and capital, they’re like a boss.
Type of labour (3)
- Skilled labour
- Seme-skilled labour
- Unskilled labour
- Skilled labour
These are workers with special training or education
e.g. doctors, electricians, scientists, and nurse
- Seme-skilled labour
workers who have some training or experience but do not require extensive education compared to skilled labor.
e.g.construction workers, plumbers, carpenters
- Unskilled labour
job that requires minimal training or special skills.
e.g.cleaner, cashiers, dishwasher.
Goods and services (2)
- Economic assets
- Free assets
- Economic assets (2)
-What is it
- private good
- public good
-have production costs (customers need to pay)
- private good
-what is it
-example
have production costs and customers need to pay for the goods and services.
- public good
-example
e.g. public education
- Free assets
-what is it
-example
-goods and services that have no production costs
-e.g. air
Saving benefit 1)
keeps you safe from unexpected costs such as medical bills
Saving benefit 2)
allows you to work toward your long-term goals such as buying a home, going on a dream vacation
saving benefit 3)
some savings accounts earn interest, and help you grow money over time, like planting seeds that grow into a big tree
Investment benefit 1)
help your money keep up with prices that go up over time (inflation)
Investment benefit 2)
Some investments can bring you extra money without you having to work more
Investment benefit 3)
Investment has the potential to make your money grow faster than saving
3 Principles sufficiency economy (3)
- Moderation
- Reasonable
- Self-Immunity