Economics Flashcards
What are the 4 factors of production?
- land
- labour
- capital
- enterprise
What are the 5 sectors?
Household Firms Financial sector Government sector Overseas sector
What are some factors can make a business successful?
- unique idea
- good location
- trendy
- simple ideas that generate a huge profit
What is malware?
Software that a scanner installs on another person’s computer in order to access files or monitor what the computer is used for
What is phishing?
Scams aimed at tricking someone into dislodging information
E.g. password, credit card details, date of birth
What is an age pension?
Government payment that provides a basic income for retirees who are unable to fully support themselves
Name 2 types of investment
- housing (low risk)
- pshares (high risk)
What are some advantages of transnational corporations?
- brings employment
- brings développement to the country
What is composition of trade?
The combination of goods and services that we export and import
What is an open economy?
An economy that trades with other countries
What is economy of scale?
Savings in cost that are achieved by increasing the level of production
What was the global financial crisis?
2007-2008
Lowest worldwide economic activity since Great Depression
What is good debt?
If the borrowed money is used for something good that will benefit them
E.g. mortgage (house value goes up)
What is bad debt?
Loans for current spending that will not generate income in the future e.g. going on holiday
What is Blended marketing?
A combination of online and offline marketing approaches
