Term 3 Economics And Business Flashcards
Define economics
The study of how business and government makes decisions about how we use our money and resources
What is a consumer?
Someone who buys or uses goods and services
What is a producer?
Someone who provides goods and services
What is a good?
Physical things that you can see and touch
What are services?
Actions that other people might perform for us and are not physical items
What is a market?
Any situation where people exchange goods and services
What is scarcity?
When there is unlimited wants and limited resources
What is an Equilibrium?
When the amount people want to buy is the same as the amount the producer is willing to provide
What is are virtual market?
A place where buying and selling is done online through the internet, without face-to-face meetings
e.g. Amazon, eBay
What is the economic problem of scarcity?
When resources are relatively hard to come by compared to needs and wants
What is the law of demand?
An economic law stating that as the price of a good or service increases, the demand by consumers for it will decrease and vice versa
Define needs and give some examples
Goods and services that are essential for living Examples: Food Water Shelter Clothing Health care
Define wants and give some examples
Goods and services that are not essential for living Examples: Latest shoes Mansion Internet Trendy clothes
What is the economic problem
We have unlimited wants or needs for goods and services,the resources used to make these goods and services are limited
What is demand
Demand refers to how much (quantity) of a product or service is desired by buyers
List factors that influence demand
Prices move up or down
Tastes, latest trends come and go
Technology develops
Changing seasons create a seasonal demand
Level of activity in economy affects people’s jobs and incomes
What is a demand schedule
A tabulation of the quantity of a good that all consumers in a market will purchase at any given price
What does TALL stand for
Title
Axis
Line
Label
What is a demand curve
A graphical representation of the relationship between the price dope a good or service and the quantity demanded for a given period of time
What is supply
Supply refers to how much the market can offer
What is the law of supply
The higher the price, the higher the quantity supplied
Define scarcity
We have an unlimited want (or need) for goods and services the resources used to make the goods and services (natural, human and capital resources) are limited.
What is the circular flow of income
In a market economy, there is a system of exchange between the producers (sellers) and consumers (buyers) that forms a circular flow
What are the 5 sectors in circular flow of income
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