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Commerce > Economics > Flashcards

Economics Flashcards

1
Q

What is a need?

A

Essential items for survival

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2
Q

What is a want?

A

Provides a good standard of living

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3
Q

What is scarcity?

A

Limited resources verses unlimited needs and wants

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4
Q

What does DEEL stand for?

A

Define the key term- explain- example- link

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5
Q

What are the 4 economic resources?

A

Land
Capital
Labour
Enterprise

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6
Q

What is land resources?

A

Natural, land, fishing

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7
Q

What is capital resources?

A

Man made

Machinery and equipment

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8
Q

What is labour resources?

A

Skilled human resources

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9
Q

What is Enterprise resources?

A

Ability to take a risk

Ideas to maximize opportunities

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10
Q

What are the 3 economic questions asked regarding the production of goods and services?

A

What to produce?
How to produce?
For whom to produce?

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11
Q

What is a good?

A

A good is a tangible physical item

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12
Q

What is a service?

A

Actions performed for others

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13
Q

What to produce connects to?…

A

Consumer sovereignty

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14
Q

What does consumer sovereignty mean?

A

Thinking of the consumer, consumer demand decides what should be produced

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15
Q

What does complementary goods mean?

A

Products and services that go with another product: eg iPod and iTunes card

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16
Q

What is a substitute product?

A

And alternate product eg: margarine and butter

17
Q

What does market mean?

A

Where producers and consumers come together to buy goods and services

18
Q

What does price mechanism mean?

A

Where producer supply and demand intersect in the market to determine equilibrium price

19
Q

What’s the law of demand?

A

There is an inverse relationship between price and quantity demanded
Where prices rise quantity demanded will drop
Where prices drop quantity demanded will rise
People must be willing and able to buy

20
Q

What are the demand factors?

A 
Good advertising
Seasons eg: ski clothing in winter
Price of a substitute 
Trends or fashions/ preferences
Complimentary product prices
Income
21
Q

The law of supply?

A

As the price of an item increases more will be supplied - because producers will be willing to supply more to gain more profits

22
Q

What are supply factors?

A

A- availability of resources
C- cost price of inputs
E- efficiency of resources

23
Q

What affects the availability of resources?

A

Labour. Good seasons, natural disaster, new discoveries

24
Q

What could impact on cost price of inputs?

A

Cost of raw materials, taxes, wages, interest rates

25
Q

What impacts on efficiency of resources?

A

Staff training, new technology, new production methods

26
Q

What’s economics?

A

Economics is the study of how individuals and groups make decisions about limited resources so as to best satisfy needs and wants

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