General Economic Terms Flashcards
Things that consumers but to help us live in today’s society and should be bought before luxuries eg: transport, wifi, electricity, phone, soap
Necessities
A physical item you can see and touch eg: clothes, food, stationery
Good
A task that someone does for you eg: cleaner, gardener, hairdresser, window washer
Service
A person or household who buys goods and services to satisfy their needs and wants eg: teen girls, kids, families, middle aged women, elderly
Consumer
A business or person who uses resources to produce goods and services for consumers to buy eg: McDonalds, Nike, Apple, Chanel, Marian canteen
Producer
The personal resources that people have to help them satisfy their wants and needs. These are limited because we do not have an endless supply of them eg: money, time, personal resources
Limited means
The problem of limits means in relation to our unlimited needs and wants eg: wanting an Apple Watch but you have no money
Scarcity
The core beliefs or key principles that we consider most important eg: loyalty, responsibility, faith
Values
The things and people around us that change and affect what we belief is important eg: family, friends, tribe
Culture
This must be made as a result of our unlined wants and limited means
Choice
The next best alternative given up when making a decision eg: buying and iPhone over a MacBook
Opportunity cost
Things that consumers buy after their necessities to make their life more comfortable eg: mansion, expensive phone, flat screen tv
Luxuries
What is barter?
The exchange of goods and services for other goods and services - old time thing
Why is money so useful compared to barter?
Scare Portable Acceptable Recognisable Durable Divisible
What is counterfeiting?
Illegal copying of money
