Economics First Topic in Econ 0.0 / 5 ? EconomicsThe Market SystemIGCSEEdexcel Created by: anaghaacharyaCreated on: 07-06-14 14:06 Economy System that attempts to solve the basic economic problem 1 of 14 Efficiency minimising costs and the use of resources. 2 of 14 Market Failure where markets lead to inefficiency 3 of 14 Merit Goods Goods which are under-provided by the private sector (rivalrous and exclusive) 4 of 14 Mixed Economy An economy where Goods and Services are under-provided by the private sector. 5 of 14 Private Sector The provision of goods and services by businesses that are owned by groups of individuals or individuals. 6 of 14 Public Goods Goods that are not likely to be provided by the private sector. (non-rivalrous and non-exclusive) 7 of 14 Public Sector Government organisations that provide goods and services to the economy. 8 of 14 Division of Labour The breaking down of the production process into small parts with each worker allocated to a specific task. 9 of 14 Specialisation The production of a limited range of goods by individuals, firms, regions or countries. 10 of 14 Working population Those people who are in work or seeking work. 11 of 14 Derived Demand Demand that arises because there is demand for another good. 12 of 14 Wage rate The amount of money paid to workers for their services over a period of time. 13 of 14 Minimum Wage A minimum amount per hour which most workers are entitled to be paid. 14 of 14
Comments
No comments have yet been made