Unit 1 definitions

EdExcel Economics B

Theme 1 - Markets, Consumers and Firms

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Scarce Resource
Anything useful which is not available in unlimited quantities
1 of 7
Opportunity Cost
The cost expressed in terms of the next best alternatives sacrificed
2 of 7
Profit
Surplus of sales revenue over costs
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Entrepreneurs
Individuals who set up in business, accepting the risks involved, taking the decisions about what to produce and how, and working out how to market the product.
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Satisficing
Reaching a good enough profit level, without maximising.
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Survival
A business objective where the business is stable enough to keep going.
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Market Share
The proportion of a specific market that is supplied to one business.
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Other cards in this set

Card 2

Front

The cost expressed in terms of the next best alternatives sacrificed

Back

Opportunity Cost

Card 3

Front

Surplus of sales revenue over costs

Back

Preview of the back of card 3

Card 4

Front

Individuals who set up in business, accepting the risks involved, taking the decisions about what to produce and how, and working out how to market the product.

Back

Preview of the back of card 4

Card 5

Front

Reaching a good enough profit level, without maximising.

Back

Preview of the back of card 5
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