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S&E > Economics > Flashcards

Economics Flashcards

0
Q

Scarcity

A

Demand is high & supply is low

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1
Q

Demand

A

Amount of particular G or S that consumers willing to buy/ want at a given time

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2
Q

Competition occur:

A

Between sellers in marketplace to get consumers money

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3
Q

Supply

A

Amount of product available to be purchased

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4
Q

Resources

A

G&S used to meet need & wants

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5
Q

Land, labour, capital & enterprise…

A

Combined to produce G&S for consumption

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6
Q

Relationship between supply and demand?

A

Both relate & depend on the amount of goods available. If demand is at a certain level then supply will meet it. If demand is high, price rises. Demand is low, prices drop

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7
Q

How does scarcity affect marketplace

A

If something is scarce & there’s a high demand, consumers willing to pay ^

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8
Q

Consumerism

A

Using resources, consuming, practice of consumption of goods

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9
Q

5 diff areas within a marketplace

A

Competition between buyers & sellers- buyers compete with sellers for money in their pocket- they do this by advertising, lighting, music & shelving

Sellers & sellers: business compete between each other for retail dollar- strategies = sales, location

Price: supply & demand dictated by buyers

Convenience: shoppers go where it’s most convenient

Marketing: average consumer exposed to an average 500 marketing strategies each day

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10
Q

Ethical consumer

A

Consider > just their own wants. Makes choices that have the greatest + global effect

Environmentally: trees, ethical treatment of animals, carbon footprint

Socially: childhood labour/ slavery

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11
Q

Competition will usually

A

Increase supply

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12
Q

What is said to ^ when workers make more of a given product today than they made during the same time in past

A

Productivity

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13
Q

When there’s not enough resources to satisfy human wants

A

Scarcity

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14
Q

In a monopoly

A

There’s only one seller

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15
Q

Market equilibrium is achieved

A

At a price which quantity demanded equals quantity supplied

16
Q

Problem of scarcity caused by

A

Unlimited wants & limited resources

17
Q

Ethical consumerism

A

Eg: buying products which are fair trade(companies that produce products in an ethical manner), recyclable or good 4 environment. Ethical consumers think more than jus own wants - make choices that have great & global affect. Being ethical when consuming

18
Q

Why some manufactures may choose to use unethical practices:

A
  • to achieve max profit
  • cheapest labour & option
  • low attention paid to problems eg: workplace safety & labour rights
  • benefits company
  • only place/way that they can continue making money & run business
19
Q

Opportunity cost

A

Choosing something over another or what you miss out on. If had choice between building school & factory & I chose school. The opportunity cost = not building factory & the benefits that could’ve been achieve from it.

20
Q

Shortage

A

When demand is ^ but not enough supplied

21
Q

Effects a surplus has on price & why

A

Surplus reduces price of good coz there’s too much of product that was demand and so the retailer wants to get rid of the surplus

22
Q

At price has equilibrium price been met & why

A

Price where quantity demanded equals quantity supplied so that both producers & consumers are happy. Products don’t have surplus or a shortage & made biggest profit possible

23
Q

Renewable resource

A

Source of E that’s not depleted by use

24
Q

What influence consumer to buy

A

Advertising, scales, competitions, use of celebs, adjectives, shelving, convenience, spruikers

25
Q

Renewable resource

A

Source of E that’s not depleted by use

26
Q

Primary production

A

Includes all business in which production is directly associated with natural resources
Eg: farming, mining, fishing, grazing & forestry

27
Q

Tertiary Production

A

Businesses provide a service

Eg: retailers, dentists, solicitors, banks & museums

28
Q

Quaternary production (under tertiary)

A

Services that involve transfer & processing of info & knowledge
Eg: telecommunications, computing, finance & education

29
Q

Quinary production

A

Services that’ve traditionally been performed in home.
Eg: hospitality, tourism, child care, craft-based activities
Demand for quinary services ^ coz of social & lifestyle changes & increase in 2-income households

30
Q

Supply & demand

A

Producers need to know what optimum amount of product needs to be supplied to meet demand & make biggest profit

31
Q

Stock Market

A

Global financial platform for investing in companies.

- investing in companies for hope to get profit

32
Q

Share

A

Portion of company that can be sold or bought

33
Q

Secondary production

A

Business that take output of business in Primary sector & process it into finished or semi-finished product.
Eg: steel (Fe) & car manufacturers

S&E (9 decks)

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