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IGCSE cards > Econs - 1, 2, 3, 4, 5, 6 > Flashcards

Econs - 1, 2, 3, 4, 5, 6 Flashcards

1
Q

economic problem

A

how best to allocate scarce resources in order to satisfy people unlimited wants and needs

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2
Q

economic agents

A
  • individuals who operate in a private and public sector of the economy
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3
Q

3 economic agents

A
  • individuals / household
  • firms
  • the government
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4
Q

3 basic economy questions

A
  • WHAT to produce
  • HOW to produce
  • WHOM to produce for
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5
Q

private sector

A
  • economic activity of private individuals and firms
  • main aim => earn profit
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6
Q

public sector

A
  • economic activity directly involving government
  • main aim => provide a service
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7
Q

goods

A
  • physical item
  • can be produced, bought and sold
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8
Q

services

A
  • non-physical items
  • can be provided by firms and paid for by customers
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9
Q

needs

A
  • good and services that are essential for survival
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10
Q

want

A
  • good and services not necessary for survival
  • demanded by economic agents to fulfil their desires
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11
Q

economic goods

A
  • limited in supply
  • come at a cost
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12
Q

free goods

A
  • unlimited in supply
  • no opportunity cost
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13
Q

4 factors of production

A
  • land
  • labour
  • capital
  • enterprise
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14
Q

land

A
  • natural resources
  • oil, coal, water
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15
Q

labour

A
  • human resources / efforts
  • skilled or unskilled
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16
Q

capital

A
  • manufactured resources (man-made)
  • machinery, tools, vehicles
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17
Q

enterprise

A
  • skills a business person requires to combine/manage the other 3 factors
18
Q

factors of production - meaning

A
  • production of any good or service requiring resources
19
Q

rewards for land

A
  • rent
  • ownership of property
20
Q

rewards for labour

A
  • wages and salaries
  • paid to workers for human efforts
21
Q

rewards for capital

A
  • interest
  • overtime becomes higher
22
Q

rewards for enterprise

A
  • profit
  • the remaining balance after all business costs
23
Q

geographical mobility

A
  • willingness and ability for someone to relocate to another area for employment purposes
24
Q

occupational mobility

A
  • the ease with which a person is able to change between jobs
25
Q

reasons why people may not be geographically mobile

A
  • family ties
  • costs of living
26
Q

opportunity cost

A
  • next best opportunity forgone when making a decision
27
Q

who does opportunity cost influence

A
  • directly influences decisions made by consumers, workers, producers and governments
28
Q

production possibility curve (PPC)

A
  • represents the maximum combination of goods and services which can be produced in an economy
29
Q

microeconmics

A
  • study of particular sections of the economy
  • concerned with decision making by individuals, households and firms
30
Q

macroeconomics

A
  • study of economic behavior and decision making in the whole economy
31
Q

households

A
  • buyers
  • consumers, savers and workers
32
Q

firms

A
  • businesses that produce goods and services
  • employ workers
33
Q

government

A
  • system that rule the state or country
34
Q

market

A
  • arrangement which brings buyers into contact with sellers
35
Q

resources

A
  • factors used to produce goods and services
36
Q

scarcity

A
  • a situations where there is not enough to satisfy everyone’s wants
37
Q

entrepunuer

A
  • a person who bears risks and makes the key decisions in a business
38
Q

on the curve =
inside the curve =
outside the curve =

A
  • efficient
  • inefficient
  • unachieveable
39
Q

shifts in a PPC

A
  • right = increase / positive
  • left = decrease / negative
40
Q

PPC diagram

straight line =
curved line =

A
  • constant opportunity cost
  • increasing opportunity cost

IGCSE cards (16 decks)

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