Fichas
Basic economic problem
Fichas del conjunto (23)
- 1Economics problemHow to best allocate limited resources to satisfy unlimited wants
- 2Factors of productionLand, labour, capital, enterprise
- 3What is land and give and exampleLand is also known as natural resources, it is anything that comes form earth (e.g. seas, rivers, forests, deserts, chemicals and gases from the air)
- 4What is labour and give an exampleLabour is also known as human resources, they can produce a lot of things. The more workers there are, the more an economy can produce. The more educated also effects it too. (e.g. Farmers for crops, factory workers)
- 5What is capital and give an exampleCapital is also known as man made resources, it helps produce many other goods and services (e.g. machines, computers, tools, table, couch)
- 6What is enterprise and give an exampleThe ability to run a production process called a firm. The entrepreneurs puts the land, labour and capital together. (e.g. bosses, company in charge of AIS)
- 7What is scarcity and how it affects the economic problemLimited resources, the economic problem occurs to individuals, businesses and the government because of scarcity. We need to use our limited resources sustainably.
- 8What is the primary industryThe beginning of the process of industry, it involves the extraction and collection of natural resources, such as farming, fishing and mining
- 9What is the secondary industryWhat is made, it is the industry that converts the raw materials provided by primary industry into commodities (something of use) and products for the consumer, such as laptops, food and building
- 10What is the tertiary industryContains firms that provide service to the general public and other firms, such as teachers, retail shops and doctors
- 11An example of primary, secondary and tertiary industryMilk: The farmer milks the cow, then the factories package it and make it drinkable and then the supermarket sells it
- 12What are needs and give and exampleGoods that are essential for survival (e.g. food, water, health care)
- 13What are wants and give an exampleGoods and services that are not necessary for survival but are demanded by individuals to satisfy (e.g. phones, escalators, technology)
- 14What is consumption and give an exampleThe value of all private household consumption within a country. It is the final purchase of goods and services by individuals. (e.g. getting a new phone, getting the house cleaned)
- 15What are consumer durable goods and give an exampleA category of consumer products that are for long-term use (e.g. furniture, appliances (oven))
- 16What are services and give an exampleSomeone that does something for you (someone doing a service). (e.g. doctors, teachers, taxi drivers)
- 17What is exchange and give an exampleAn open, organised market place where buyers and sellers negotiate prices. Exchanges require almost instant bidding and asking. (e.g. stock exchange, currency exchange)
- 18What is expenditure and give an exampleThe payment of cash or cash-equivalant for goods or services or a charge. (e.g. paying for rent, electricity, education)
- 19What are public goods and give an exampleNon excludable (not possible to include some people while excluding others) and non-rivalrous ( the consumption of a unit does not reduce the units available for others). It is provided by the government with no competition. (e.g. lighthouse, clean air, parks, pathways)
- 20What are merit goods and give an exampleGoods or services which when consumed create positive spillover effects in an economy. Provided by government with some competition. (e.g. education, training, health care)
- 21What is opportunity cost and give an exampleThe next best choice given up when making a decision. (e.g. The opportunity cost of taking IGCSE Economics is the other subject you could be taking instead)
- 22What are Production Possibility curve (PPC)To show opportunity cost. If the opportunity cost stays the same then it is represented in a straight line. If not then it is a curve. (Look at notes/book for more info)
- 23How are unemployed resources shown in a PPCIt isn't on the line (production possibility frontier)
Información
- Descripción
- Yr 10 Economics Fichas sobre Basic economic problem, creado por Phoebe Ngu el 30/07/2015.
- Creado por
- Phoebe Ngu
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