Chapter 1 Flashcards

(21 cards)

1
Q

What is a consumer

A

A person or organization that directly uses a good or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is a producer

A

A person, company or country that makes grows or supplies goods and services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is the government

A

A political authority that decides how a country is run and manages its operation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a good

A

A tangible product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a service

A

An intangible product, it cannot be seen or touched

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is profit

A

The amount of money a producer has left after all costs have been paid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the four factors of production

A

Land labour enterprise capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is interdependence

A

The economic actions of one group is likely to impact another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is meant by factors of production

A

The resources in an economy that can be used to make goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is land in Factors of production

A

The natural resources available for production in an economy eg. oil

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is labour in Factors of production

A

The workforce available for production in an economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is capital in Factors of production

A

Man -made aids to production in an economy eg. machinery, roads

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is enterprise in Factors of production

A

The factor of production that involves taking a risk and organizing the other three factors in production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the economic problem ?

A

There are unlimited wants for goods and services but there are only scarce resources to make them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what are unlimited wants?

A

The infinite desire for something

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are scarce resources

A

when there is an insufficient amount of something to satisfy all wants

17
Q

What are the three key questions for reducing economic problems

A

How should goods and services be produced?

What should be produced?

For whom should these goods and services be produced?

18
Q

What is opportunity cost?

A

The next best alternative given up when making a choice.

19
Q

What is economic sustainability?

A

The best use of resources in order to create responsible development or growth now and in the future

20
Q

What is social sustainability

A

The impact of development or growth that promotes an improvement in quality of life for all now and in the future

21
Q

What is environmental sustainability

A

The impact of development or growth where the effect on the environment is small and possible to manage now and in the future