Economic yr 8 hums

What are wants?

Desires for goods and services that are not essential for survival.

What are needs?

Basic requirements for survival : food, water, clothes and shelter

What is relative scarcity?

The economic problem of having limited resources to meet unlimited wants and needs, it means that resources are scare in relation to the demand for them.

What is Opportunity cost

the potential benefit that is given up when one alternative is selected over another.

What is a market?

A place where parties can gather to facilities to exchange goods or services.

What are consumers?

an individual who purchases goods or services for personal use rather than for resale

What are producers?

individuals or organizations that create goods or provide services

What are workers?

Workers sell their skills in exchange at the labour market.

What are landlords?

an individual or entity who owns a property and rents it to tenants in exchange for regular payments.

What are shares?

A small portion of ownership in a company or organization.

What are dividends

a sum of money paid regularly by a company to its shareholders out of its profits.

What is price difference?

the numerical or percentage variance in cost between two or more items, options, or locations.

What is rent?

The payment from a tenant that is getting leased a property.

What are prices?

They are determined by supply and demand.

What is supply?

The amount of goods available. / how much of the item there is for sale.

What is a demand?

the desire to own something and the ability to pay for it. / how many people want / need to buy a commodity / goods

What is the law of supply?

The higher the price of a product is, the higher the quantity that suppliers will want to produce and sell then vice versa. / the quantity of a good produced has a direct relationship with the price of the good.

What is production cost?

The factor that affects supply, if it's expensive to make something, less will be supplied.

What is technology?

The factor that affects supply, better technology can make it easier to produce more goods.

What are number of sellers?

The factor that affects supply, More businesses entering a specific market naturally increases the total market supply.

What are producer expectations?

The factor that affects supply, If sellers expect prices to rise in the future, they might withhold current supply to sell later, temporarily lowering immediate availability.

What are prices of related goods?

The price of alternative products a firm could produce. For example, if the price of soybeans skyrockets, a farmer might reduce corn supply to plant soybeans instead, illustrating how resources are diverted.

What is income?

A material reason to work, the flow of money, goods, or services received by an individual, corporation, or nation over a specific period.

What is superannuation?

A material reason to work, money paid into a fund that can be accessed when a person retires.

What are staff discounts?

A material reason to work /, the financial benefit , perks offered by employers that reduce the cost of goods, services, or everyday expenses.

What is an allowance ?

A material reason work / a financial benefit, a set amount of money, goods, or rights granted at regular intervals for a specific purpose or to offset particular costs.

What are cars?

A material reason to work / a financial benefit, a durable consumer good that provides a stream of ongoing transportation services.

What are meals?

A material reason to work / a financial benefit, represents the physical consumption of food at a given time.

What are non material reasons to work?

learn new skill , sense of pride, ability to help others, express creativity, build relationships with others.

What is time worked?

A factor that influences the amount of income that people earn. The total duration of human labor contributed to the production of goods and services / The number of hours or days they have worked and work.

What is nature of work?

A factor that influences the amount of income people earn. Refers to how difficult or specialized The work is.

What are laws and regulations?

The factor that influences the amount of income people earn. In every country there are minimum wage laws and work place pay.

What are qualifications and experience?

A factor that influences the amount of income people earn. The education, training, skills and work history a person has.

What are numbers of workers?

A factor that influences the amount of income people earn. How many people are able and willing to do the same job.

What is work?

A way to earn income

What does owning a business do?

To earn income

What does renting a property do?

Earning rent / income form a tenant

What does getting profit from a business do?

Earn income / earning more money than originally paid for.

What is the law of demand?

That when The price of a product goes up, The quantity demanded will go down nice versa.

What is the equilibrium?

The price of a good- service in the market and how much quantity the moment will produce at the price

What is land?

The space needed to operate a business

What is labour?

The employees and their skills needed to produce goods or services.

What is enterprice?

A business's ability to put land and labour and capital together to create goods and services.

What is capital?

Money, equipment or buildings needed to produce goods or services

What are resources ?

Natural, human ( labour ) and capital inputs that are used to produce goods and services.

Natural

Resources that come from nature

Human ( labour )

People providing their skills and effort

Capital

Things that are human made e.g ) buildings , machines

Factors that affect supply

Production cost, technology , natural condition, government polices.

What is government polices?

A factor that affects supply , actions taken by central authorities to influence, regulate, and stabilize a country's economy.

What is natural condition?

the environmental, geographical, and biological factors that exist without human intervention but heavily influence economic activity

What is full time ?

A concept of working 35 hours and over, is ongoing with benefits

What is part time?

A concept of working less then 35 hours with benefits

What is casual time?

Nor contracted, general, paid more, fewer benefits

What is Voluntary work?

Working without pay

What is Internship ?

Working for experience

What is contracted work?

Working for a set of time/ specific task

4 features of work

Working from home, the gig economy, AI, outsourcing

What is a budget?

A plan for saving, spending and managing money, it has two parts, income and expenditure

What is cash?

The money in the form of notes or coins / currency

What is Expenditure ?

The money that is pens and goes out of your budget

What is resource allocations

The way in which a limited supply of resources is allocated or shared amongst people ( consumers )

What is Scarcity

The problem if there being only limited recourses available to satisfy the unlimited wants of consumers

What is Abundance?

An over supply of a resource do that there is more than enough to go around to all consumers