Flashcards
Economics AQA Unit 1 (Markets and Market Failure)
Cards in this deck (5)
- 1Four Factors of productionLand, Labour, Capital, Enterprise
- 2Economic AgentsProducers-Maximise Profit-Make goods+services
Consumers-Maximise Utility-Buy goods+services
Governments-Maximise Returns - 3MarketWhere a buyer and seller meet and exchange goods and services in return for other goods and services. The exchange is usually indirect by means of money and is voluntary.
- 4Pure MarketOnly controlled through the medium of price and the effects of demand and supply.
+ More choice
+Best value=Highest demand
-Non-profitable goods not made (merit)
-Monopolies - 5Mixed EconomyPrivate Sector- Privately owned
Public Sector- Government
Voluntary Sector- Charities
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- economics Flashcards on Economics AQA Unit 1 (Markets and Market Failure), created by jessd-97 on 30/03/2015.
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- jessd-97
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