Studied by 3 people
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
Note 
Flashcard (65)