Flashcards
Micro Economics Key Terms
Cards in this deck (10)
- 1Ceteris ParibusA rule that says "all other things remain the same" and is used whenever attempting to demonstrate the link between economic variables
- 2Basic economic problemOnly a limited amount of resources are available to produce the unlimited quantity of goods and services people desire
- 3Economics goodsGoods which are scarce because their use has an opportunity cost
- 4Free GoodsGoods with no opportunity cost e.g. air
- 5Scarce ResourcesResources which are limited supply so choice have to be made about their use
- 6Non-Renewable resourcesFinite resources which are fixed in supply and cannot be renewed e.g. oil
- 7Renewable resourcesNatural resources which can be regenerated eg. forests
- 8Sustainable developmentRenewable resource which is being economically exploited in such a way in will not diminish or run out
- 9Factors of productionInputs into the production process such as land, labour, capital and enterprise.
- 10—
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- A level Economics (Unit 1) Flashcards on Micro Economics Key Terms, created by Sophie Knight on 16/09/2015.
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- Sophie Knight
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