Flashcards
Economic framework
Cards in this deck (11)
- 1what are resourcesresources are things such as land, machinery, workers, material, oil, crops, money, etc, which are used in the production of goods and services
- 2what is economicsthe study of how individuals, businesses and governments make decisions
- 3what is the difference between a want and a needa want is something you would like and a need is something you cannot live without
- 4what is the difference between opportunity and financial costopportunity cost is the opportunity / item that you cannot buy because you chose to buy something else, financial cost is the actual cost of something
- 5what are the four groups of productionland labour enterprise and capital
- 6explain the group landall resources provided by nature that help in the production of goods and services, example; sea
- 7explain the group labourall the people involved in producing goods and services, skilled or unskilled, example; engineer
- 8explain the group capitalall the artificial items which help produce goods and services, example; motor vehicles
- 9what is an entrepreneurthe person or organisation that provides the enterprise (land, labour and capital in the hope of making a profit)
- 10what is economic growthan increase in the amount of goods and services a country produces from one year to the next
- 11what is inflationan increase in the cost of living from one year to the next
Information
- Description
- Flashcards on Economic framework, created by caitriona.mcgett on 06/05/2014.
- Created by
- caitriona.mcgett
- Views
- 53
- Rating