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Economics > Economics > Flashcards

Economics Flashcards

1
Q

Need

A

Basics you need to survive such as food water shelter

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2
Q

Want

A

Good you desire to have such as a car pet cupcake

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3
Q

Good

A

Is a product that you can buy

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4
Q

Service

A

A system providing a public need

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5
Q

Land

A

Natural resources such as water gold oil

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6
Q

Labour

A

Human effort such as workers

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7
Q

Capital

A

Man made goods such as machines

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8
Q

Enterprise

A

Enterprenuer who decides what to produce how to use the resources and were to locate

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9
Q

Scarcity

A

The basic economic problem as resources are limited and wants are unlimitd

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10
Q

Choices

A

As there are limited resources everyone can’t get what they want

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11
Q

Free goods

A

Free goods are resources which are unlimited

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12
Q

Opportunity cost

A

An opportunity is the sacrifice of the next best alternative choice

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13
Q

Sectors of production

A

Land labour capital enterprise

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14
Q

Durable

A

Products that last a long time

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15
Q

Non durable

A

Products that don’t last a long time

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16
Q

Tagible

A

Products you can touch

17
Q

In tangable

A

Products you can’t touch

18
Q

Possibility curve

A

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

19
Q

Primary sector

A

Natural reources

20
Q

Secondary sector

A

Manufacturing of the products

21
Q

Tertiary sector

A

The sevice

22
Q

Capital goods

A

Goods used to make consumers goods and services such as eqipment

23
Q

Merit goods

A

Services provided free for the use of public such as education and the nhs

24
Q

Public goods

A

Goods used for the benefit of well being such as lampsosts

Economics (10 decks)

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