Introduction to ecnomics Flashcards
What are the three main economic groups?
consumers,producers and government
what is a consumer?
a person or organisation that directly uses a good or service
What is a producer?
A person,company or country that makes,grows or supplies goods and/or services
What is the government?
A political authority that decides how a country is run and manages its operation.
What is a good?
A tangible product
What is a service?
An intangible product
What is production?
The total output of goods and services produced by a firm or industry in a time period.
What is land?
natural resources of an economics such as farmland and mineral deposits
What is labour?
the workforce of an economy in terms of physical and mental effort used in production.
What is Capital?
Factor of prod that relates to human-made aids to production.
What is Enterprise?
Factor of prod that takes a risk in organising the other 3.
Individual who takes the risk is the Entrepreneur.
What is a need?
Something a consumer has to have to survive
What is a want?
Something a consumer would like to have but is not essential.
What is an economic problem?
How to best use limited resources to satisfy the unlimited wants of people.
What is Opportunity Cost?
The next best alternative given up when making a choice.
What is Economic Choice?
An option for the use of selected scarce resources.
What is Economic Sustainability?
Best use of resources to create a responsible development or growth, now and the future
What is Social sustainability?
Impact of development or growth that promotes improvement in quality of life for all now and the future.
What is Environmental Sustainability?
Impact of development or growth where the effect on environment is small and easy to manage now and the future.
