Economics

First Topic in Econ

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Economy
System that attempts to solve the basic economic problem
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Efficiency
minimising costs and the use of resources.
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Market Failure
where markets lead to inefficiency
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Merit Goods
Goods which are under-provided by the private sector (rivalrous and exclusive)
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Mixed Economy
An economy where Goods and Services are under-provided by the private sector.
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Private Sector
The provision of goods and services by businesses that are owned by groups of individuals or individuals.
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Public Goods
Goods that are not likely to be provided by the private sector. (non-rivalrous and non-exclusive)
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Public Sector
Government organisations that provide goods and services to the economy.
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Division of Labour
The breaking down of the production process into small parts with each worker allocated to a specific task.
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Specialisation
The production of a limited range of goods by individuals, firms, regions or countries.
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Working population
Those people who are in work or seeking work.
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Derived Demand
Demand that arises because there is demand for another good.
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Wage rate
The amount of money paid to workers for their services over a period of time.
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Minimum Wage
A minimum amount per hour which most workers are entitled to be paid.
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Other cards in this set

Card 2

Front

minimising costs and the use of resources.

Back

Efficiency

Card 3

Front

where markets lead to inefficiency

Back

Preview of the back of card 3

Card 4

Front

Goods which are under-provided by the private sector (rivalrous and exclusive)

Back

Preview of the back of card 4

Card 5

Front

An economy where Goods and Services are under-provided by the private sector.

Back

Preview of the back of card 5
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