Micro Definitions

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Specialisation
the concentration by a worker (s), firm, region or whole economy on a narrow range of goods and services.
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Command Economy
An economic system in which most resources are state owned and also allocated centrally.
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Mixed Economy
An economic system in which resources are allocated through a mixture of the market and direct sector involvement.
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Microeconomics
The study of how households and firms make decisions in markets.
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Macroeconomics
The study of issues that affect economies as a whole.
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Land
Natural resources in an economy.
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Labour
The quantity and quality of human resources.
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Capital
Man made aids to production.
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Entrepeneur
Someone who bears the risks of businesses and who organises production.
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Want
Anything you would like irrespective of whether you have the resources to purchase it.
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Needs
Things that we must have to survive.
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Production Possiblity Curve
This shows the maximum quantities of different combinations of output of two products, given current resources and the state of technology.
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Scarcity
A situation where there are insufficient resources to meet all wants.
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Opportunity Cost
The next best alternative foregone.
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Other cards in this set

Card 2

Front

An economic system in which most resources are state owned and also allocated centrally.

Back

Command Economy

Card 3

Front

An economic system in which resources are allocated through a mixture of the market and direct sector involvement.

Back

Preview of the back of card 3

Card 4

Front

The study of how households and firms make decisions in markets.

Back

Preview of the back of card 4

Card 5

Front

The study of issues that affect economies as a whole.

Back

Preview of the back of card 5
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