key terms

key terms for unit 1

HideShow resource information
  • 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.

1 of 17

ECONOMIC PROBLEM

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

2 of 17

OPPORTUNITY COSTS

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

3 of 17

POSITIVE STATEMENT

something which you can prove but can be wrong.

4 of 17

NORMATIVE STATEMENT

Opinion, which shoulds ought to happen.

5 of 17

MONETARY POLICY

stimulating economy through interest rates.

6 of 17

LAND

natural resources avaliable for production.

7 of 17

LABOUR

our human input into the production process.

8 of 17

CAPITAL

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

9 of 17

ENTREPRENUER

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

10 of 17

FREE GOODS

goods which are not used up in consumption.

11 of 17

CONSUMERS

want to make rational decision.

12 of 17

PRODUCERS

want to charge as much a possible

13 of 17

PRIMARY

extraction of natural sources.

14 of 17

SECONDARY

production of goods in the economy.

15 of 17

TERTIARY

services

16 of 17

QUARTERNARY

reinforming information processing, research and development.

17 of 17

Comments

Chelsea

is this useful to anyone?

Matt Kev

nope

Similar Economics resources:

See all Economics resources »See all resources »