labour is the human input into the production process
Labour
1 of 26
Includes land itself and natural resources on or below the land;which is available
Land
2 of 26
Goods that are used to produce other goods and sevicies
Capital
3 of 26
Having ideas and taking risks in setting up or running a business
Enterprise
4 of 26
output per pwroker per reiod of time
Productivity
5 of 26
something essential for survival
Needs
6 of 26
something you would like to have but is not essential to survival
Wants
7 of 26
something used to produce output
resources
8 of 26
occurs because resources are scarce - but wants are infinite
basic economic problem
9 of 26
the next best alternative foregone when making a choice -- what we give up when we make a choice
oppurtunity cost
10 of 26
is deciding between different uses of scarce resources
choice
11 of 26
resources are allocated through the free working of the market (price) mechanism of demand and supply. Consumers decide what the want to buy an d producers(firms) use resources in order to supply it.
Allocated resources
12 of 26
extraction of raw matierals take place
primary
13 of 26
raw matierials are manufacturedinto goods
secondary
14 of 26
the service sector
tertairy
15 of 26
when buyesr and sellers meet to exchange goods and services
Market
16 of 26
where all reosurces are allocated by private indvisuals and groups
Market economy
17 of 26
where all resurces are allocated by the government
Planned economy
18 of 26
where some resources are allocated y the governmnet and dome by private indivisuals and groups
Mixed economy
19 of 26
include organisation run and owned by the government which are not there to make profit but to provide these vital services
Public sector
20 of 26
owned and run by private indivisuals an groups with an objective to make the biggest profit possible, increase market share etc
Private sector
21 of 26
where someone is specialised in a certain skill and over time becomes better at it therefore more productive with his/hers work
Specialisation
22 of 26
money is used as a medium of exchange
medium of exchange
23 of 26
measure of value
unit of acount
24 of 26
money loans that can be payed back later.
means of deferred payment
25 of 26
when more is produced than what is required
surplus
26 of 26
Other cards in this set
Card 2
Front
Includes land itself and natural resources on or below the land;which is available
Back
Land
Card 3
Front
Goods that are used to produce other goods and sevicies
Back
Card 4
Front
Having ideas and taking risks in setting up or running a business
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