Metacognitive Revision Flashcards
Explain Circular Flow
How money moves between government, household, buisnesses, financial market and the system of economics.
Explain Economic markets
A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services.
A market economy is an economic system where two forces, known as supply and demand, direct the production of goods and services.
Economic markets
How money moves between government, household, buisnesses, financial market and the system of economics.
Circular Flow
Explain Supply
The amount of a product/serivice a producer has.
Law of supply-prices go down
The amount of a product/serivice a producer has.
Law of supply-prices go down
Supply
The amount of a porduct/service needed
Law of demand- prices go up
demand
explain demand
The amount of a porduct/service needed
Law of demand- prices go up
Distrabution
to spread the product throughout the marketplace such that a large number of people can buy it
to spread the product throughout the marketplace such that a large number of people can buy it
Distrabution
Allocation
The division of things into shares or portions
The division of things into shares or portions
Allocations
Government intervention in the market
When the government makes changes to make the prices drop/rise.
When the government makes changes to make the prices drop/rise.
Government intervention in the market
Rights and responsibilities of Consumers
Consumers have the right to remedesif there is something wrong with the product/service. But the responsibility
Consumers have the right to remedesif there is something wrong with the product/service. But the responsibility
Rights and responsibilities of Consumers
Rights and responsibilities of Businesses
Businesses must not make false, misleading or deceptive claims about a product or service
Businesses must not make false, misleading or deceptive claims about a product or service
Rights and responsibilities of Businesses
Financial and Economic decisions of Consumers
saving
-loans(interests,fees,length
-finacial) habbits(spending ,saving,preference)
-retirement (pension, superanuation ,investment, saving)
Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
economics
economics
Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
