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GCSE - Introduction to Economics

James Dodd Edexcel Business and Economics GCSE Inglés 4,3Valoración media 4,3 de 5 (8 valoraciones) 84 fichas 1.099 visitas

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

Información

Descripción
Keywords from the Economics GCSE course
Creado por
James Dodd
Visitas
1.099
Valoración
Valoración media 4,3 de 5 (8 valoraciones)

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