Economics Flashcards

1
Q

Economics

A

The study of economics is about people meeting there needs and wants. It is about maximising our resources so that as many people are satisfied as possible

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2
Q

Needs and wants

A

Needs are things that are essential to life and wants are things we desire

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3
Q

Economy

A

The production and consumption of goods and services and the supply of money in a specific area

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4
Q

Enterprise

A

A business or company

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5
Q

Resources

A

Factors used in production of goods and services

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6
Q

Economics problem

A

Unlimited wants, limited resources so choices have to be made

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7
Q

Good

A

A physical thing a consumer buys

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8
Q

Services

A

Something someone provides for public need such as a doctor

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9
Q

Land

A

Land refers to all natural resources

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10
Q

Labour

A

Involves human input

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11
Q

Capital

A

Manufactured resources

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12
Q

Entrepreneur

A

And entrepreneur is someone who takes on risk and brings three factors of production together

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13
Q

Why do people want to purchase goods and services

A

To satisfy their needs and wants

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14
Q

What are the types of work

A

Casual
Unemployed
Employed

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15
Q

Do our spending habits change over time

A

Yes as our needs and wants differ depending on age and trend

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16
Q

Full time

A

35 hours of work

17
Q

Part time

A

Les than 35 hours

18
Q

Casual

A

Hours vary