Economics revision

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  • Created by: Freyaw113
  • Created on: 07-06-16 17:46
Costs
Refer to the expenses and drawbacks of a particular choice.
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Benefits
Refer to the advantages of a particular choice.
2 of 11
Scarcity
Resources are limited compared to needs and wants.
3 of 11
Choice
Deciding between different options because our resources are limited.
4 of 11
Resources
The land, labour, capital and enterprise used to produce goods and services.
5 of 11
Economics
The study of how we use and allocate resources.
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Scarce resources
Those that are in short supply.
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Plentiful resources
Are those that are easily avalible and often free.
8 of 11
Oppurtunity cost
Something given up when making a choice, is the cost of one activity in terms of the next best alternative foregone.
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Complements
Are items brought together(eg. cars and petrol)
10 of 11
Substitutes
Buy one or the other(e.g train or bus)
11 of 11

Other cards in this set

Card 2

Front

Refer to the advantages of a particular choice.

Back

Benefits

Card 3

Front

Resources are limited compared to needs and wants.

Back

Preview of the back of card 3

Card 4

Front

Deciding between different options because our resources are limited.

Back

Preview of the back of card 4

Card 5

Front

The land, labour, capital and enterprise used to produce goods and services.

Back

Preview of the back of card 5
View more cards

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