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OPPORTUNITY COST
The cost given up for the next best alternative when making a decision.
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RESOURCES
Are needed to produce goods (Land, Labour, Capital & Enterprise)
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ECONOMIC PROBLEM
Limited resources Vs Unlimited wants
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Tax Credits
Help increase the take home pay of low paid workers so they are better off working than on benefits.
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DEMAND
The quantity of goods and services bought at any given price.
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Supply
the quantity of a good/service that firms will offer for sale at a particular price.
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market price
the price that buyers and sellers agreee on for a G/S.
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Benefits to consumers of competition?
lower prices, greater variaty, better quality
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interest rate on savings?
the return on savings
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gross interest rate
the rate of interest before tax has been deducted
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net interest rate
the rate you recieve after tax
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Bank overdraft
short term, interest is high but only paid on the amount overdrawn
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APR?
Its the IR quoted on borrowing a loan, it helps to compare the cost of borrowing
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specialisation
workers only employed in a small sector of the work.
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the supply of labour
the amount of workers willing to supply their labour rates.
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derived demand
demand for labour happens because consumers demand the good the firm makes and so if demand for the product rises then so does demand.
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unemployment
those seeking work and are willing and able to work.
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imports
goods and services bought from another country
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export
goods and services sold to another country.
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Balance Of Payments
the difference between the value of exports ans all the imports.
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exchange rate
the value of one currency against another.
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Other cards in this set

Card 2

Front

Are needed to produce goods (Land, Labour, Capital & Enterprise)

Back

RESOURCES

Card 3

Front

Limited resources Vs Unlimited wants

Back

Preview of the back of card 3

Card 4

Front

Help increase the take home pay of low paid workers so they are better off working than on benefits.

Back

Preview of the back of card 4

Card 5

Front

The quantity of goods and services bought at any given price.

Back

Preview of the back of card 5
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