Economics As Unit 1 0.0 / 5 ? EconomicsCompetitive marketsASEdexcel Created by: s1999Created on: 29-09-16 21:34 Renewable Resource A resource whose stock level can be replenished over time as it is consumed 1 of 9 Non-renewable resource A resource whose stock level decreases over time as it is consumed 2 of 9 Consumer Good A good that directly provides as utility to consumers. Wanted for statisfaction 3 of 9 Capital good a good that is used to produce consumer goods or services. 4 of 9 Specialisation When an Indivitual, firm, region or country concentrates on the production of limited range of goods and services 5 of 9 Division of Labour The specialisation of workers on specific tasks in the production process 6 of 9 Rational Decision Making Where consumers allocate their expenditure on goods and services to maximise utility and producers allocate their resources to maximize profits 7 of 9 Utility The amount of satisfaction obtained from consuming a good or service 8 of 9 Demand The quantity of a good or service that would be brought over a range of different price level in a given period of time. 9 of 9
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