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Microeconomics Y12 > Economic Systems > Flashcards

Economic Systems Flashcards

1
Q

Basic economic problem

A

Deciding how to satisfy infinite wants from finite resources

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2
Q

Economic goods

A

Have an element of scarcity and value- people will pay for them

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3
Q

Free goods

A

No opportunity cost- not scarce

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4
Q

Needs

A

Goods or services that are required

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5
Q

Wants

A

Goods or services that are not necessary but that we desire for

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6
Q

Factors of production

A

The resources required in order to produce goods and services

(Land labour capital enterprise)

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7
Q

Economic agents

A

Households- consumers workers
Businesses
Government
Resources

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8
Q

Normative statement

A

Subject statements, that carry value judgments

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9
Q

Positive judgment

A

Objective statements that can be tested

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10
Q

Physical capital

A

Buildings and machinery

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11
Q

Financial capital

A

Assets

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12
Q

Human capital

A

Labour (Human Resources used in production)

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13
Q

Social capital

A

Infrastructure (man made environment used In production of goods and services)

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14
Q

Consumer goods

A

Satisfy wants and needs

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15
Q

Producer goods

A

Produce things for future- machines

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16
Q

Renewable

A

Replaces itself naturally

17
Q

Non renewable

A

Once used fine forever

18
Q

Private sector

A

Business enterprises

19
Q

Public sector

A

Government owned

20
Q

Voluntary sector

A

Charities- to help people

21
Q

Opportunity cost

A

the next best alternative foregone

22
Q

Entrepreneur

A

Somebody who organises Land labour and capital, taking risks, set up enterprise to make profit

23
Q

Exchange

A

Process by which goods and services are traded

24
Q

What are households

A

Individuals who live in the same dwelling and whose spending decisions are connected

25
Q

Commodities

A

Resources

26
Q

Infrastructure

A

Stock of underlying capital used to support the economics system (man made environment)

27
Q

Land

A

All natural resources used in production

28
Q

Labour

A

Productive contributions

29
Q

How to enforce long term growth

A

Increase the size and efficiency of our factors of production

30
Q

what do the factors of production earn

A

rent
wages
interest
profit

31
Q

3 different types of economic system

A

free market
centrally planned
mixed economy

32
Q

planned economy

A

gov controls the resources

33
Q

free market

A

most efficient

gov tries not to intervene

34
Q

mixed economy

A

fair and more efficient

Microeconomics Y12 (7 decks)

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