Economic Revision Basic term's
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19 Terms
Good vs Service
A Good is a physical, tangible product; a Service is an intangible action or task performed for a consumer.
Economic Problem
The conflict between finite resources and infinite human wants and needs.
Opportunity Cost
The cost of the next best alternative foregone when making an economic decision.
Economic sustainability
Managing resources so the economy can grow in the long term without depleting essential assets.
Primary Sector
The stage of production involving the extraction of raw materials from the earth (e.g., farming or mining).
Specialisation
When a worker, firm, or country concentrates on a narrow range of goods or services to increase efficiency.
Demand
The quantity of a good or service that consumers are willing and able to buy at a given price.
Supply
The quantity of a good or service that producers are willing and able to provide at a given price.
Price Elasticity of Demand
A measure of how much the quantity demanded responds to a change in price.
Price Elasticity of Supply
A measure of how much the quantity supplied responds to a change in price.
Price inelastic demand/supply
When the percentage change in quantity is less than the percentage change in price (Value < 1).
Price elastic demand/supply
When the percentage change in quantity is greater than the percentage change in price (Value > 1).
Monopoly
A market structure dominated by a single seller (25% or more market share in the UK).
Oligopoly
A market structure where a few large firms dominate the industry.
Production
The total output of goods and services produced over a specific period.
Productivity
The rate of efficiency, measured by output per unit of input (e.g., output per worker).
Labour market
The market where workers sell their labour and employers buy labour in exchange for wages.
Demand for Labour
The quantity of workers firms are willing and able to hire at a given wage rate.
Supply of Labour
The number of workers willing and able to work at a given wage rate.