Markets in Action: the reasons for individuals, organisations and societies having to make choices 3.0 / 5 based on 1 rating ? EconomicsCompetitive marketsASAQA Created by: BenCreated on: 05-11-12 20:42 The study of how to allocate scarce resources in the most effective way. Economics 1 of 38 Group of people whose spending decisions are connected. Household 2 of 38 How to allocate scarce resources among alternative uses. EconomicProblem 3 of 38 The study of how households and firms make decisions in markets. Microeconomics 4 of 38 A simplified view of the reality that is used by economists as a means of explaining economic relationships. Model 5 of 38 The study of issues that affect economies as a whole. Macroeconomics 6 of 38 Tangible products, i.e. products that can be seen and touched. Goods 7 of 38 The resource inputs that are avaliable in an economyfor the production of goods and services. Factorofproduction 8 of 38 Natural resources in an economy. Land 9 of 38 Intangible products, i.e. products that cannot be seen or touched. Services 10 of 38 The quantity and quality of human resources. Labour 11 of 38 The willingness of an entrepreneur to take risks and organise production. Entrepreneurship 12 of 38 Man-made aids to production. Capital 13 of 38 Someone who bears the risks of the business and who organises production. Entrepreneur 14 of 38 The stock of factors of production. Factorendowment 15 of 38 Anything you would like, irrespective of whether you have the resources to purchase it. Want 16 of 38 The output of goods and services. Production 17 of 38 The selection of appropriate alternatives. Choice 18 of 38 A situation where there are insufficient resources to meet all wants. Scarcity 19 of 38 The cost of the next best alternative, which is foregone when a choice is made. OpportunityCost 20 of 38 The concentration by a worker or workers, firm, or whole economy on a narrow range of goods and services. Specialisation 21 of 38 The process by which goods and services are traded. Exchange 22 of 38 The specialisation of labour where production is broken down into separate tasks. Divisionoflabour 23 of 38 A payment by a governing body to encourage the production or consumption of a product. Subsidy 24 of 38 Output, or production of a good or service, per worker. Productivity 25 of 38 An economy with a high level of income per head. Developedeconomy 26 of 38 this shows maximum quantities of different combinations of output of two products, given current resources and the state of technology. productionpossibilitycurve 27 of 38 An economy with a relatively low level of income per head. Developingeconomy 28 of 38 The calculation involved in deciding on whether to give up one good for another. Tradeoff 29 of 38 The maximum output that an economy is capable of producing. productivepotential 30 of 38 The way in which production is organised in a country or group of countries. economicsystem 31 of 38 Change in the productive potential of an economy. economicgrowth 32 of 38 A method of allocating resources by the free movement of prices. pricesystem 33 of 38 An economic system whereby resources are allocated through the market forces of demand and supply. marketeconomy 34 of 38 The quantity of a product that consumers are able and willing to purchase at various prices over a period of time. demand 35 of 38 The quantity of a product that producers are willing and able to provide at different market prices over a period of time. supply 36 of 38 An economic system in which resources are allocated through a mixture of the market and direct public sector involvement. mixedeconomy 37 of 38 An economic system in which most resources are state owned and also allocated centrally. commandeconomy 38 of 38
Edexcel Economics Unit 1 Competitive Markets: How they work and why they fail 5.0 / 5 based on 1 rating Teacher recommended
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