Micro Definitions 2.5 / 5 based on 3 ratings ? EconomicsThe company, revenue and costsASOCR Created by: Saira DudhiaCreated on: 22-10-12 16:44 Specialisation the concentration by a worker (s), firm, region or whole economy on a narrow range of goods and services. 1 of 14 Command Economy An economic system in which most resources are state owned and also allocated centrally. 2 of 14 Mixed Economy An economic system in which resources are allocated through a mixture of the market and direct sector involvement. 3 of 14 Microeconomics The study of how households and firms make decisions in markets. 4 of 14 Macroeconomics The study of issues that affect economies as a whole. 5 of 14 Land Natural resources in an economy. 6 of 14 Labour The quantity and quality of human resources. 7 of 14 Capital Man made aids to production. 8 of 14 Entrepeneur Someone who bears the risks of businesses and who organises production. 9 of 14 Want Anything you would like irrespective of whether you have the resources to purchase it. 10 of 14 Needs Things that we must have to survive. 11 of 14 Production Possiblity Curve This shows the maximum quantities of different combinations of output of two products, given current resources and the state of technology. 12 of 14 Scarcity A situation where there are insufficient resources to meet all wants. 13 of 14 Opportunity Cost The next best alternative foregone. 14 of 14
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