Economics unit 1 OCR keywords

Keywords Will update regularly

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Goods
Tangible (can touch) e.g. food, clothes
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Services
Intangible products produced by an economy e.g. banks, hair dressers
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Factor Endowment
Amount of factors of production, naturally available to an economy
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Opportunity Cost
The lost of potential gain, from other alternatives when one alternative is chosen
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Finite Needs
There are limited number of requirements individual needs in order to survive e.g. food, shelter, love, water
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Infinite Wants
The is a list of requirements an individual wants which is limitless regardless of situation
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Micro - economic
The study of how individuals (consumers), households and firms make decisions in the market e.g. shop is a micro-economic agent
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Macro - economic
How governments, countries and others make decision which affect the whole economy e,g, UN is a macro-economic agent
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Specialistion
When one person, business or country concentrates upon producing specific goods and services
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Exchange
When goods and services are traded between individuals, firms or economies
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Division of Labour
When the specialisation process is broken down into separate parts
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Other cards in this set

Card 2

Front

Intangible products produced by an economy e.g. banks, hair dressers

Back

Services

Card 3

Front

Amount of factors of production, naturally available to an economy

Back

Preview of the back of card 3

Card 4

Front

The lost of potential gain, from other alternatives when one alternative is chosen

Back

Preview of the back of card 4

Card 5

Front

There are limited number of requirements individual needs in order to survive e.g. food, shelter, love, water

Back

Preview of the back of card 5
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