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GCSE
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More cards in this set
Card 26
Front
When a firm produces good/services, they use resources (CELL). Firms must buy these resources
Back
Card 27
Front
The amount of goods or services produced by a firm
Back
Card 28
Front
The process of combining scarce resources to make an output
Back
Card 29
Front
Output per worker per period of time
Back
Card 30
Front
the amount a person recieves before all deductions are taken into account
Back
Card 31
Front
a persons take home pay
Back
Card 32
Front
Where free market outcomes lead to major problems for society, usually inefficiency
Back
Card 33
Front
Where resources are used to produce what consumers actually want to buy
Back
Card 34
Front
A place where buyers and sellers get together and arrange a sale
Back
Card 35
Front
Measure of consumer welfare: The maximum price a consumer is willing to pay for a good minus the market price
Back
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