Economics

use money, (credit, debit) cards or bank cheques to purchase goods and services.

Householders/ consumers

These are made by combing land and labour

Capital

Inflation Rate This measures the change in the prices of goods and services.

Inflation Rate

This is the alternative given up when making a choice.

oppotunity cost

identify issues that people are concerned about and responding to them.

Examine social trends -

a period of time when prices are rising slowly

Low inflation

when there is limited supplies but unlimited wants.

economic problem

Individuals who organise and combine the other three resources to create value.

entrepreneur

pay the employees money in the form of wages, salary or commissions for their labour.

businesses pay ____

where consumers negotiate for goods and services.

market

Economic system

________- a way of production and distribution of the nations goods, services and incomes.

a person or group who is the final user of goods and services produced within an economy.

Consumer

A method of production where a individual, business or government focus on a specific range on goods or services, in order to increase production and make the most efficient use of resources.

Specialization

Producers

________ pay their employees with money (salary, wages, or commissions) and also hope to make money themselves, for what they sell.

the basic economic question. People have unlimited needs and wants but only limited resources to satisfy them.

scarcity

How many workers are without a job.

Unemployment rate

the condition in which all who are able and willing are employed.

Full employment

Making decisions about how producers will use resources

.Resource allocation

particular consumers

Provides choices that cater for ________ needs and wants.

the amount of goods and services produced per head by the population over a period of time.

Economic growth

Businesses

________ use the 4 resources of land, labour, capital and enterprise to produce goods and services that consumers want and need.

Economic growth

is believed to improve the citizens standard of living.

wishes or desires that make life enjoyable but is not needed for survival

Wants

The basic economic problem

Scarcity

when there is limited supplies but unlimited wants

Economic problem

items that we use to produce goods and services to satisfy needs and wants

Resources

Resources found in nature

Land

Includes all the people who are employed by a business

Labour

These are made by combing land and labour

These are made by combing land and labour Capital e.g. electricity grid

Individuals who organise and combine the other three resources to create value

entrepreneur

the alternative given up when making a choice

Opportunity cost

Making decisions about how producers will use resources

Resource allocation

a way of production and distribution of the nations goods, services and incomes

Economic system

A method of production where a individual, business or government focus on a specific range on goods or services, in order to increase production and make the most efficient use of resources

Specialisation

Reliance between consumers, workers, businesses and governments in an Economy

Reliance between consumers, workers, businesses and governments in an Economy Interdependence

Buy from overseas

Buy from overseas Import

Sell overseas

Export

What to produce, How to produce, For whom to produce

What to produce, How to produce, For whom to produce3 Economic Questions

Low inflation

Low inflation

the amount of goods and services produced per head by the population over a period of time

this is the amount of goods and services produced per head by the population over a period of time Economic growth

the condition in which all who are able and willing are employed

Full employment

the change in the prices of goods and services

This measures the change in the prices of goods and services Inflation Rate

How many workers are without a job

Unemployment rate

shows how well-off individuals or countries are overall

Standard of living

a person or group who is the final user of goods and services produces within an economy

Consumer

Needs

goods and services that people must have in order to survive

Wants

are wishes or desires for something that makes life enjoyable, but is not necessary for survival

Physical and tangible items or things that satisfy our needs and wants

Goods

producers that make or supply goods and services that are distributed to household

businesses

monitor the sale of goods

monitor the sale of goods Analyse the business sales

this includes doing consumer surveys to find out consumer preferences

Carry out market research

identify issues that people are concerned about and responding to the issues

identify issues that people are concerned about and responding to them Examine social trends

most consumers are concerned about their overall well-being

Healthy lifestyle

refers to an overall measure of quality of life

Well-being

Measures Economic growth

Gross domestic production