eco 0.0 / 5 ? EconomicseovjfvboIGCSEAQA Created by: sabrina2012Created on: 17-05-14 11:38 OPPORTUNITY COST The cost given up for the next best alternative when making a decision. 1 of 21 RESOURCES Are needed to produce goods (Land, Labour, Capital & Enterprise) 2 of 21 ECONOMIC PROBLEM Limited resources Vs Unlimited wants 3 of 21 Tax Credits Help increase the take home pay of low paid workers so they are better off working than on benefits. 4 of 21 DEMAND The quantity of goods and services bought at any given price. 5 of 21 Supply the quantity of a good/service that firms will offer for sale at a particular price. 6 of 21 market price the price that buyers and sellers agreee on for a G/S. 7 of 21 Benefits to consumers of competition? lower prices, greater variaty, better quality 8 of 21 interest rate on savings? the return on savings 9 of 21 gross interest rate the rate of interest before tax has been deducted 10 of 21 net interest rate the rate you recieve after tax 11 of 21 Bank overdraft short term, interest is high but only paid on the amount overdrawn 12 of 21 APR? Its the IR quoted on borrowing a loan, it helps to compare the cost of borrowing 13 of 21 specialisation workers only employed in a small sector of the work. 14 of 21 the supply of labour the amount of workers willing to supply their labour rates. 15 of 21 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. 16 of 21 unemployment those seeking work and are willing and able to work. 17 of 21 imports goods and services bought from another country 18 of 21 export goods and services sold to another country. 19 of 21 Balance Of Payments the difference between the value of exports ans all the imports. 20 of 21 exchange rate the value of one currency against another. 21 of 21
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