Year 10 HASS - Economics Revision

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31 Terms

1
Want
Not necessary for survival
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2
Need
Necessary for survival
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3
Economic problem / Scarcity
unlimited needs and wants and limited resources
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4
Economics
The field of study of how people allocate their scarce resources to best satisfy their unlimited needs and wants
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5
Microeconomics
the study of how households and firms make decisions and how they interact in markets
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6
Macroeconomics
the study of economy-wide phenomena, including inflation, unemployment, and economic growth
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7
GDP
Gross Domestic Product - the total market value of all finished goods and services produced annually in an economy
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8
Opportunity cost
the best alternative given up by making a decision
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9
Relative scarcity
Resources are scarce compared to society's unlimited needs and wants
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10
What are the three basic economic questions?

1. What to produce?
2. How to produce?
3. For whom to produce?

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11
2. How to produce?
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12
3. For whom to produce?
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13
The business cycle
Expansion, Peak, Contraction, Trough
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14

Boom / Expansion / Recovery

A period of economic growth as measured by a rise in real GDP
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15
Peak
When the economy is producing at maximum capacity
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16
Recession

a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in real GDP in two successive quarters.

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17
Trough
The lowest point in GDP, fiscal and monetary intervention required
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18
PPF
production possibilities frontier
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19
What can move the PPF?

1. Change in productive resources
2. Technology

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20
2. Technology
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21
Law of increasing opportunity cost
Every additional unit of one good produced requires sacrificing an increasing amount of the other good
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22
GDP formula
Consumption + Investment + Government Purchases + Net Exports
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23
Law of demand
↑ Price → ↓ Demand
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24
Law of supply
↑ Price → ↑ Supply
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25
Equilibrium Price
QD = QS
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26
Excess / Surplus
QS > QD
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27
Shortage
QD > QS
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28
Factors affecting demand
Price, Population, Preferences, Prices of Substitutes, Prices in Future
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29
Factors affecting supply
Price, Production Cost, Price in Future, Number of Suppliers, Technology, Availability of resources
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30
Real GDP
GDP adjusted for inflation by using the same price over time
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31
Real GDP per capita
Real GDP / Population
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