Economics Flashcards
Define supply
The amount of goods or services a producer is willing to produce
Define demand
The quantity of goods or services that consumers are willing to buy at a given price
Define law of demand
As the price goes up the demand goes down( supply/demand curve)
Define an equilibrium
A market where the quantity of goods supplied is equal to the quantity of goods demanded
This is a PERFECT MARKET
Define oliopoly
When there are lots of businesses selling relatively the same products
Eg car manufacturers
Define market
A system where buyers and sellers can exchange goods and services
Name the 4 factors of production
Land
Labor
Capital
Enterprise
Define law of supply
As the price goes up the quantity also increases
Factors that influence consumer demand
Price Quality In trend Brand Peer pressure Advertising
What does ACCC stand for
Australian
Competition
Consumer
Commission
What is acceptable quality
The product must be fit for use
Safe
Of acceptable appearance
Define monopoly
When there is only 1 business selling a certain product
Eg Australian post
Define producer
A company or business selling goods and services
What is a consumer
People that buy and use goods and services
What is the economic problem
What to produce
How to produce
Who is your target buyers
What is a need
Something that is necessary for life
Eg food
What are wants
Something thatyou desire but can live without
What are the 4 factors of production
Land
Labor
Capital
Enterprise
What are the 5 sectors in the circular flow of income
Government Household Financial Overseas Business
What is Australian consumer law
A law that protects the rights of consumers
What are consumer rights
If a product has difficulties consumers have the right to a refund replacement or repair
What is acceptable quality
If a product is
fit for purpose
Safe
Of acceptable appearance
What is a scam
A dishonest act of fraud to trick consumers into buying a product or giving personal information
Does the ACL ( Australian consumer law) protect people from scams
Yes
