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Buisness Studies > Revision > Flashcards

Revision Flashcards

1
Q

The Economic Problem?

A

we don’t have enough resources to satisfy all our wants and needs. Because resources are scarce. Our wants are unlimited but our resources finite

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2
Q

Factors of Production

A
  1. Land
  2. Labour
  3. Capital
  4. Enterprise
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3
Q

The Three Questions

A
  1. What to produce
  2. How much to produce
  3. Who to produce for
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4
Q

Opportunity cost?

A

The cost of the next best alternative foregone (given up)

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5
Q

Means?

A
  1. Time
  2. Skills
  3. Money
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6
Q

Types of Resources?

A
  1. Natural resources
  2. Human resources
  3. Capital resources
  4. Entrepreneurship
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7
Q

Payment for Natural Resources?

A

Rent

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8
Q

Payment for Human Resources?

A

Wages

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9
Q

Payment for Capital Resources?

A

Interest

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10
Q

Payments for Entrepreneurs?

A

Profit

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11
Q

Market definition?

A

A place where buyers and sellers come together to exchange goods and services usually for money

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12
Q

The law of demand?

A

As the price of a good or service increases, we will demand less of it, vice versa, ceteris paribus (only price changes)

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13
Q

Factors that will cause the Demand curve to shift are called?

A

Determinants

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14
Q

Determinants are?

A

Factors that will cause the Demand curve to shift

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15
Q

Determinants of Demand?

A
  1. Change in Income
  2. Change in trends and fashions
  3. Change in the price of Complementary Goods
  4. Change in price of Supplementary Goods
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16
Q

Law of Supply?

A

As the price of a good or service increases, producers are willing to supply more of it, vice versa, ceteris paribus

17
Q

Demand is?

A

The amount of a good or service that consumers are willing and able to buy

18
Q

Increase in demand will cause a shift to the?

A

Right

19
Q

Decrease in demand will cause a shift to the?

A

Left

20
Q

Scarcity is the result of?

A

Unlimited wants and limited resources

21
Q

Scarce goods are also called?

A

Economic goods

22
Q

Consumers decisions are influenced by?

A
  1. The price of the item
  2. Their values
  3. Their income
23
Q

Ceteris paribus means?

A

All other factors are equal

Buisness Studies (3 decks)

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