Economics Flashcards
Need
Basics you need to survive such as food water shelter
Want
Good you desire to have such as a car pet cupcake
Good
Is a product that you can buy
Service
A system providing a public need
Land
Natural resources such as water gold oil
Labour
Human effort such as workers
Capital
Man made goods such as machines
Enterprise
Enterprenuer who decides what to produce how to use the resources and were to locate
Scarcity
The basic economic problem as resources are limited and wants are unlimitd
Choices
As there are limited resources everyone can’t get what they want
Free goods
Free goods are resources which are unlimited
Opportunity cost
An opportunity is the sacrifice of the next best alternative choice
Sectors of production
Land labour capital enterprise
Durable
Products that last a long time
Non durable
Products that don’t last a long time
Tagible
Products you can touch
In tangable
Products you can’t touch
Possibility curve
A possibility curve shows the efficiency of the maximum output of two froducts. It shows how much you need to one product you need to sacrifice for another
Primary sector
Natural reources
Secondary sector
Manufacturing of the products
Tertiary sector
The sevice
Capital goods
Goods used to make consumers goods and services such as eqipment
Merit goods
Services provided free for the use of public such as education and the nhs
Public goods
Goods used for the benefit of well being such as lampsosts
