HASS yr8- Economics Flashcards
What is Economic Performance
Economic Performance is the evaluation of an economy or measurement of how well it is performing against a number of objects such as unemployment and GDP
What are Living Standards
Living standards are the level of wealth, materials goods, comfort and life necessities that are available to people living in a certain area
Measures E…. G….
What does GDP stand for and what does it mean
Gross Domestic Product.
It measures economic growth (increase in value of goods & services produced by our economy)
What is Specialisation
It’s a method of production where a business focuses on the production of a scarce range of goods/services.
What is Trade
Trade is the activity of buying, selling or exchanging goods and/or services between people or countries
What is Interdependence
The way participants in an economy (including, individuals, businesses and governments) rely on each other to provide or trade goods and services they cannot provide themselves
What is Allocation
Allocation is how we distribute scarce resources among producers;
What are Markets
markets are the exchange of resources (or goods and services) among buyers and sellers.
Examples: labour, housing and stock market
What is scarcity
The problem of people having unlimited wants and needs, but limited (or scarce) resources to support those needs and wants
The way c… make choices about…
What is ‘Making Choices’ in economics
The way consumers (buyers) make choices about what they buy to satisfy their needs and wants
What is opportunity cost
The next best alternative given up whenever a choice is made
what is economics
economics studies people and the choices they make. It investigates how scarce resources are used to satisfy our unlimited needs and wants.
system established to… (Qs economics x3)
What is an economy
an economy is a system established to determine what to produce, how to produce and to whom production to produce for
What are goods
A good is something people want or need that can be held or touched
Examples: Phones, computers and TVs
What is a service
A service is work people do for consumers
Examples: Vets, cleaners and Doctors
What are the factors affecting demand
-tastes/preferences
-population
-price of complementary goods
-income
-price of substitute goods
What are the factors affecting supply
-technology
-competition
-cost of production
-taxes/subsidies
-weather/availability
What is socialism
a system of the economy where individuals control the factors of production
What is capitalism
an economic idea where the government controls the factors of production
What is communism
Factors of production controlled by the community
What does import mean
Goods brought into the country from another country
What does export mean
Goods and services sold to another country
What does expense mean
the cost of running a business
(it’s the opposite of income)
where there is L….E….A….
What is recession
a period where there is low economic activity like production and consumption
