use money, (credit, debit) cards or bank cheques to purchase goods and services.
Householders/ consumers
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These are made by combing land and labour
Capital
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Inflation Rate This measures the change in the prices of goods and services.
Inflation Rate
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This is the alternative given up when making a choice.
oppotunity cost
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identify issues that people are concerned about and responding to them.
Examine social trends -
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a period of time when prices are rising slowly
Low inflation
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when there is limited supplies but unlimited wants.
economic problem
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Individuals who organise and combine the other three resources to create value.
entrepreneur
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pay the employees money in the form of wages, salary or commissions for their labour.
businesses pay ____
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where consumers negotiate for goods and services.
market
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Economic system
________- a way of production and distribution of the nations goods, services and incomes.
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a person or group who is the final user of goods and services produced within an economy.
Consumer
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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
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Producers
________ pay their employees with money (salary, wages, or commissions) and also hope to make money themselves, for what they sell.
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the basic economic question. People have unlimited needs and wants but only limited resources to satisfy them.
scarcity
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How many workers are without a job.
Unemployment rate
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the condition in which all who are able and willing are employed.
Full employment
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Making decisions about how producers will use resources
.Resource allocation
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particular consumers
Provides choices that cater for ________ needs and wants.
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the amount of goods and services produced per head by the population over a period of time.
Economic growth
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Businesses
________ use the 4 resources of land, labour, capital and enterprise to produce goods and services that consumers want and need.
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Economic growth
is believed to improve the citizens standard of living.
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wishes or desires that make life enjoyable but is not needed for survival
Wants
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The basic economic problem
Scarcity
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when there is limited supplies but unlimited wants
Economic problem
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items that we use to produce goods and services to satisfy needs and wants
Resources
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Resources found in nature
Land
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Includes all the people who are employed by a business
Labour
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These are made by combing land and labour
These are made by combing land and labour Capital e.g. electricity grid
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Individuals who organise and combine the other three resources to create value
entrepreneur
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the alternative given up when making a choice
Opportunity cost
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Making decisions about how producers will use resources
Resource allocation
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a way of production and distribution of the nations goods, services and incomes
Economic system
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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
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Reliance between consumers, workers, businesses and governments in an Economy
Reliance between consumers, workers, businesses and governments in an Economy Interdependence
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Buy from overseas
Buy from overseas Import
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Sell overseas
Export
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What to produce, How to produce, For whom to produce
What to produce, How to produce, For whom to produce3 Economic Questions
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Low inflation
Low inflation
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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
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the condition in which all who are able and willing are employed
Full employment
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the change in the prices of goods and services
This measures the change in the prices of goods and services Inflation Rate
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How many workers are without a job
Unemployment rate
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shows how well-off individuals or countries are overall
Standard of living
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a person or group who is the final user of goods and services produces within an economy
Consumer
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Needs
goods and services that people must have in order to survive
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Wants
are wishes or desires for something that makes life enjoyable, but is not necessary for survival
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Physical and tangible items or things that satisfy our needs and wants
Goods
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producers that make or supply goods and services that are distributed to household
businesses
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monitor the sale of goods
monitor the sale of goods Analyse the business sales
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this includes doing consumer surveys to find out consumer preferences
Carry out market research
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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
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most consumers are concerned about their overall well-being
Studied by 3 people
