Economics Definitions 1

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Basic Economic Problem
Onlya limited amount of resources are available to produce the unlimited quantity of goods and services people desire.
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Economic Goods
Goods which are scarce because their use had an opportunity cost.
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Choice
Economic choices involve the alternative uses of scarce resources
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Free Goods
E.g. air. There are no costs of production and no scarcity. They are in unlimited supply.
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Wants
Desires for consumption of goods and services.
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Needs
The minimum which is necessary for a person to survive as a human being.
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Utility
The satisfaction derived from consuming a good.
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Scarcity/scarce resources
Resources which are limited in supply so that choices have to be made about their use.
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Non-renewable resources
E.g. coal, oil, gold, copper are land resources which, once used, will never be replaced.
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Renewable Resources
E.g. timber, fish, water. A resource that can be renewed as it is used if it is carefully managed.
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Sustainable Development
Renewable resource which is being economically exploited in such a way that it will not diminish or run out.
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Factors of Production
Inputs into the production process such as land, labour, capital and enterprise.
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Primary Sector
Raw materials are extracted and food is grown. E.g. agriculture, farming, fishing, oil extraction.
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Secondary Sector
Raw materials are transformed into goods. E.g. manufacturing, food processing.
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Tertiary Sector
Produces services such as transport, sport, distribution, financial, health.
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Quaterny Sector
Information Processing. E.g. education, research and development.
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Other cards in this set

Card 2

Front

Goods which are scarce because their use had an opportunity cost.

Back

Economic Goods

Card 3

Front

Economic choices involve the alternative uses of scarce resources

Back

Preview of the back of card 3

Card 4

Front

E.g. air. There are no costs of production and no scarcity. They are in unlimited supply.

Back

Preview of the back of card 4

Card 5

Front

Desires for consumption of goods and services.

Back

Preview of the back of card 5
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