Economics Flashcards
Economics
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
Needs and wants
Needs are things that are essential to life and wants are things we desire
Economy
The production and consumption of goods and services and the supply of money in a specific area
Enterprise
A business or company
Resources
Factors used in production of goods and services
Economics problem
Unlimited wants, limited resources so choices have to be made
Good
A physical thing a consumer buys
Services
Something someone provides for public need such as a doctor
Land
Land refers to all natural resources
Labour
Involves human input
Capital
Manufactured resources
Entrepreneur
And entrepreneur is someone who takes on risk and brings three factors of production together
Why do people want to purchase goods and services
To satisfy their needs and wants
What are the types of work
Casual
Unemployed
Employed
Do our spending habits change over time
Yes as our needs and wants differ depending on age and trend
