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GCSE - Introduction to Economics
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- 1ResourcesThings that are needed in order to satisfy wants, e.g. money, time, staff or land
- 2Scarce ResourcesA situation where there aren't enough resources for everyone to get what they want all of the time
- 3Means of exchangeA method for allowing transactions to take place, e.g. money or (years ago) gold
- 4SatisfactionThe enjoyment received when consuming a product or service (or resource)
- 5ValueThe worth of soemthing represented by the amount of money we are prepared to pay for it
- 6ChoicesDecisions that need to be made as a result of having scarce resources
- 7Oppurtunity CostThe value of the next best alternative that has been given up
- 8Trade-offThe item we have to give up in order to get something else
- 9Price sensitivityHow much the demand changes according to a change in the price. Price sensitivity depends on numerous factors, most notably the number, price and availibilty of substitutes
- 10SubstituteA rival product that a consumer can switch to if the price of a product changes
- 11RevenueThe money earned from selling products and services. It is calculated by multiplying the selling price by the quantity sold.
- 12Conflict of interestWhere different groups of stakeholders each have a different perspective on an issue
- 13Power and influence of a stakeholderSome stakeholder are more influential in the decision-making of a business
- 14StakeholderAn individual, group or organisation that is interested in the actions and success of a business
- 15Negative ExternalityA cost inflicted on other stakeholders when an individual or business makes a choice
- 16Positive ExternalitiesA benefit shared by other stakeholders when an individual or business makes a choice
- 17Market ShareA company's sales as a percentage of the entire sales in a particular market
- 18ProfitWhat revenue is left after costs have been paid
- 19Competitive advantageAny factor that helps a business succeed when fighting against a direct rival
- 20CashThe money the firm holds in notes and coins and in its bank account
- 21Cash FlowThe movement of money into and out of the firm's bank account
- 22Changing demandBusinesses have to adapt their plans depending on whether demand is increasing or decreasing
- 23Economic growthThe rate at which demand is changing in the economy
- 24Consumer Price IndexA percentage figure that shows how much prices are increasing per year
- 25Cost of livingWhen prices are rising people describe the cost of living as increasing
- 26InflationAn increase in the general price level of prices in an economy
- 27Claimant countThe measure of unemployment used by the UK government. It counts the number of people claiming Job Seekers Allowance to estimate the number unemployed
- 28UnemploymentThe number of people out of work and actively seeking work
- 29ShockAn unexpected event that affects the economy in terms of availability and price of resources or products
- 30CurrencyThe unit of money in a particular country or region
- 31Exchange rateThe price of one currency in terms of another
- 32Bank of EnglandThe instituion responsible for setting the interest rate on a monthly basis
- 33Interest RateThe percentage that shows how expensive it is to borrow money and how beneficial it is to save it
- 34Government SpendingMoney spent by the government to provide essential services that profit-driven businesses would not
- 35TaxationMoney raised by the government from taking a share of income, spending and profits
- 36External growthAn increase in business size as a result of a merger or takeover
- 37Internal growthAn increase in the business size as a result of the business's own actions or decisions
- 38MergerWhere two businesses agree to join forces and begin trading as one
- 39TakeoverWhere one business purchases another and incorporates it into its own operations
- 40Economies of scaleWhen a business benefits from its growth
- 41Diseconomies of scaleWhen a business suffers as a result of business growth
- 42SpecialisationFocusing on one job role, making it easier to become steadily more expert
- 43CollusionWhere several firms act together to effectively become a monopoly
- 44MonopolyWhere a single supplier dominates the sales in a market and therfore has a degree of control over it
- 45Natural monopolyWhere market conditions mean that it is in everyone's best interest for a business to be in a monopoly position
- 46Competition ComissionA UK and EU government organisation that prevents businesses taking advantage of their market position
- 47Government regulationWhere the Government uses laws and punishments to influence how the businesses behave
- 48Self-regulationWhere companies voluntarily agree to create and follow their own code of conduct
- 49Corporate Social Responsibility (CSR)A policy to convince stakeholders in a business that its actions are in the best interests of society, not just those of its shareholders
- 50Pressure groupsAn organisation set up to influence businesses and government to protect stakeholders
- 51Economic GrowthOccurs when gross domestic product increases from one period of time to another. It is shown as a percentage change
- 52Gross Domestic Product (GDP)The measure of the value of goods and services produced in an economy over a period of time
- 53Standard of livingHow economists look at an indivdual's share of the national income
- 54GDP per capitaThe amount of income the country has overall, divided by its population to give the income per person
- 55Human Development Index (HDI)The United Nations' measure of standard of living it includes GDP per capita as well as education and health care
- 56Distribtion of incomeHow the national income is shared among the population. It can reveal if very few take the majority of the income or if it is shared equally
- 57Renewable resourcesResources that are recreated by the environment at least as fast as they are consumed
- 58Sustainable growthA level of economic growth that meets the needs of current generations while preserving the environment so future generations can meet their needs
- 59Basic responsibilitiesMeasures put in place by the Government to prevent businesses damaging the environment and exploiting stakeholders
- 60Governmenent InterventionWhen the Government uses taxation, subsidies or regulation to influence how businesses behave
- 61RegulationWhen the Government uses laws and punishments to influence how busineeses behave
- 62SubsidyMoney provided by the Government as an incentive to individuals or businesses to act in a certain way
- 63TaxationMoney raised by the Government by taking a slice of the income and spending of households and businesses
- 64Absolute povertyWhere individuals cannot afford things required for an adequate standard of living
- 65InequalityA word to describe the fact that there is relative poverty in a country or area
- 66Poverty thresholdThe minimum level of income necessary to achieve an adequate standard of living
- 67Relative povertyWhere individuals cannot afford things considered part of normal life in their society
- 68ExportingSelling products produced in one country to customers in another country
- 69ImportingBuying products produced in another country
- 70Less Economically Developed Country (LEDC)A country that has a relatively low standard of living and lacks the capactity to prodcue manufactured goods
- 71TradeWhen economies begin to benefit from exchanging goods with each other
- 72Free TradeThere are no barriers to trade between two economies
- 73ProtectionismUsing trade barriers to shield companies in your econmy from international competition
- 74QuotaA limit on the number of goods that can be imported
- 75Trade subsidyA handout given to home producers to make imported goods uncompetitive
- 76TariffA tax on the import of goods
- 77Trade barrierA measure used by one country to make it less attractive to import goods from other countries
- 78European Union (EU)Europe's single market, a trade bloc which allows free trade between all members
- 79Single currencyA way to improve the effectiveness of a single market by removing the trade barrier of currency exchange
- 80Single marketA group of economies that agree to act as one larger economy with no restriction on trade between the members
- 81MultinationalAn organistaion that has facilities (offices, factories, etc) in sevreal countries
- 82International GovernmentOrganisations that try to coordinate the effects of indivdual governments
- 83CharitiesOrganistaions comitted to raising awareness and money for a cause such as world poverty
- 84Non-Government Organisations (NGO)Not-for-profit organisations that are separate from government and set up to promote the interests of the poor (and the environment) and relive their suffering
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- Keywords from the Economics GCSE course
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