Flashcards
Economics Unit 3.1 Cards 1-12
Cards in this deck (12)
- 1What is the role of Consumers?Demand goods and services
- 2What is the role of Producers?To supply goods and services
-Can be private firms or organisations - 3What is the role of the Government?To decide who should benefit from, and how to distribute, goods and services
- 4What is the basic economic problem?Consumers have unlimited wants and needs, but we have finite resources with which to satisfy them
- 5Key questions of production-What should we produce?
-How should we produce it?
-For whom should it be produced? - 6IncentivesA factor that encourages people or businesses to carry out a particular task or action
- 7The four factors of production (economic resources)-Land
-Labour
-Capital
-Enterprise - 8Opportunity CostThe next best alternative that is given up when making a choice
- 9Land (FOP)All natural physical resources - fertile farmland, solar power, etc.
Reward - rent - 10Labour (FOP)The human input into production - supply of workers available and their productivity
Reward - Wages/Salary - 11Capital (FOP)Goods used to produce other consumer goods and services
Equipment, buildings, etc.
Reward - Interest - 12Enterprise (FOP)An individual who supplies the goods and services - who runs the business
Reward - profit
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- GCSE Economics (Micro-economics) Flashcards on Economics Unit 3.1 Cards 1-12, created by Imogen colvin on 05/03/2024.
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- Imogen colvin
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