Economics Definitions 1

?
Basic Economic Problem
Onlya limited amount of resources are available to produce the unlimited quantity of goods and services people desire.
1 of 16
Economic Goods
Goods which are scarce because their use had an opportunity cost.
2 of 16
Choice
Economic choices involve the alternative uses of scarce resources
3 of 16
Free Goods
E.g. air. There are no costs of production and no scarcity. They are in unlimited supply.
4 of 16
Wants
Desires for consumption of goods and services.
5 of 16
Needs
The minimum which is necessary for a person to survive as a human being.
6 of 16
Utility
The satisfaction derived from consuming a good.
7 of 16
Scarcity/scarce resources
Resources which are limited in supply so that choices have to be made about their use.
8 of 16
Non-renewable resources
E.g. coal, oil, gold, copper are land resources which, once used, will never be replaced.
9 of 16
Renewable Resources
E.g. timber, fish, water. A resource that can be renewed as it is used if it is carefully managed.
10 of 16
Sustainable Development
Renewable resource which is being economically exploited in such a way that it will not diminish or run out.
11 of 16
Factors of Production
Inputs into the production process such as land, labour, capital and enterprise.
12 of 16
Primary Sector
Raw materials are extracted and food is grown. E.g. agriculture, farming, fishing, oil extraction.
13 of 16
Secondary Sector
Raw materials are transformed into goods. E.g. manufacturing, food processing.
14 of 16
Tertiary Sector
Produces services such as transport, sport, distribution, financial, health.
15 of 16
Quaterny Sector
Information Processing. E.g. education, research and development.
16 of 16

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
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Scarcity resources »