Introduction to Economics Flashcards
Main economics groups
Consumer
Producer
Government
Good
A tangible product
Service
An intangible product
Factors of Production
The resources in the economy that can be used to make good and services
Land
The natural resources available for production in an economy
Capital
Man-made aids to production in the economy
Labour
The workforce available for production in an economy
Enterprise
The factor of production that involves taking a risk and organizing the other three factors in production
Economic problem
How to best use limited resources to satisfy the unlimited wants of people
Opportunity Cost
Next best alternative that is given up when making a choice
Economic sustainability
The best use of resources in order to create responsible development or growth, now and into the future
Social sustainability
The impact of development or growth that promotes an improvement in quality of life for all, now an in the future
Environmental sustainability
The impact of development or growth where the effect on the environment is small and possible to manage, now and into the future
Economic choice
An option for the use of selected scarce resources
