Studied by 0 people
A list of all the vocabulary terms and definitions required for the CIE IGCSE Economics syllabus, updated regularly.
Basic Economic Problem
Resources are scarce. There are finite resources available in relation to the infinite needs and wants that humans have, leading to choices being made.
Economic Good
Where there is an opportunity cost involved in producing the good as it takes scarce resources to produce.
Free Good
One that is abundant in supply which doesn’t require any resources to produce. It is not possible to make a profit from supplying free goods.
Stakeholder
An individual or group who have a particular interest or role in an issue. The main stakeholders in the economy are consumers, producers, workers, and the government.
Economics
The study of scarcity and its implications for resource allocation in society.
Factors of Production
The resources or inputs which are used in the production process to produce output. They are land, labor, capital, and enterprise.
Needs
Something essential for survival e.g. food, shelter, and water.
Wants
Non-essential desires e.g. a yacht, better housing, etc.
Note
Flashcard