A diagrammatic representation of the maximum level of output that an economy can achieve when all resources are fully employed
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Card 7
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Occurs when an individual, a firm, a region or a country concentrates on the production of a limited range of goods and services in order to increase productivity
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Card 8
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One form of specialisation, where individuals concentrate on the production of a particular good or service
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Card 9
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A type of economy where decisions on production and prices are left to market forces
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Card 10
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A type of economy where decisions on production and prices are decided by a combination of government and private sector forces
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Card 11
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A type of economy where the government makes all of the decisions on production and prices. Also known as a command economy
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Card 12
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Concerned with facts and is value-free, can be tested as true or false using evidence
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Card 13
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Concerned with value-judgements and is a non-scientific approach or expression
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Card 14
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Where buyers and sellers come into contact for the purpose of exchange
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Card 15
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Refers to raw materials or minerals used in the production of goods and services
