key terms

key terms for unit 1

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  • Created by: Chelsea
  • Created on: 18-05-11 10:46

ECONOMY

a system for the production and excahnge of goals and services to satisfy the want and needs of the population.

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ECONOMIC PROBLEM

unlimited wants of humans against the scarce resources that exists to meet those wants.

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OPPORTUNITY COSTS

the cost expressed in the terms of the next best alternative sacrificed.

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POSITIVE STATEMENT

something which you can prove but can be wrong.

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NORMATIVE STATEMENT

Opinion, which shoulds ought to happen.

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MONETARY POLICY

stimulating economy through interest rates.

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LAND

natural resources avaliable for production.

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LABOUR

our human input into the production process.

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CAPITAL

investment in goods that are used to produce other goods in the future.

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ENTREPRENUER

an individual who seeks to supply products as a market for a profit.

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FREE GOODS

goods which are not used up in consumption.

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CONSUMERS

want to make rational decision.

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PRODUCERS

want to charge as much a possible

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PRIMARY

extraction of natural sources.

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SECONDARY

production of goods in the economy.

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TERTIARY

services

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QUARTERNARY

reinforming information processing, research and development.

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Comments

Chelsea

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is this useful to anyone?

Matt Kev

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