Economics & Business Flashcards
Goods and Services
W
Imports & Exports
Import is goods and services from overseas
Export is when countries produce goods and services and sells it overseas
Primary Product
A product that exists in its natural state and has not been used to make goods and services
Consumers
E
Opportunity Cost
The cost of the next best alternative use of resources
Exchange Rate
The more the demand for the country’s products, the more is the value of that country’s currency
Natural Resources/Factors
E
Capital Resources/Factors
E
Labour Resources/Factors
E
Enterprise Resources/Factors
E
Scarcity
A key concept in economics and business: having limited resources to achieve unlimited needs and wants
Globalisation
E
Name Four Factors of Production
Natural Resources
Labour Resources
Capital Resources
Enterprise Resources
Natural Resources
E
Labour Resources
E
Capital Resources
E
Enterprise Resources
E
Three Economic Questions
What to Produce
How to Produce
For Whom to Production
5 Different Types of Economies
Subsistence Market Capitalist Planned Capitalist Market Socialist Planned Socialist
Subsistence
Produce enough for themselves
Market Capitalist
Market Capitalist
Planned Capitalist
Individuals/firms owns productive resources but government determines what, how and for whole to produce.
Market Socialist
Government owns resources but consumers determine
Planned Socialist
K
