Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Nat 5 Business > Economics > Flashcards

Economics Flashcards

1
Q

Scarcity

A

The basic economic problem

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Opportunity cost

A

The benefit you lose as a result of a choice taken

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Disposable income

A

Amount of money households have available or spending and saving after income taxes have been accounted for

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Tangible

A

Something that can be seen or touched

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Intangible

A

Something that cannot be seen or touched

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Debt

A

An amount of money you owe to a person or company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Saving

A

Putting some of your wages or salary aside for later use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Spending

A

The exchange of money for goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Discretionary income

A

income remaining after deduction of taxes, social security charges and basic living costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Income

A

Total money received by a person form salary or wages, interest or dividend

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Market

A

A market is formed when buyers and sellers come together to agree a price and exchange

How well did you know this?
1
Not at all
2
3
4
5
Perfectly

Nat 5 Business (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions