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Flashcards in Economics Deck (24):
1

Need

Basics you need to survive such as food water shelter

2

Want

Good you desire to have such as a car pet cupcake

3

Good

Is a product that you can buy

4

Service

A system providing a public need

5

Land

Natural resources such as water gold oil

6

Labour

Human effort such as workers

7

Capital

Man made goods such as machines

8

Enterprise

Enterprenuer who decides what to produce how to use the resources and were to locate

9

Scarcity

The basic economic problem as resources are limited and wants are unlimitd

10

Choices

As there are limited resources everyone can't get what they want

11

Free goods

Free goods are resources which are unlimited

12

Opportunity cost

An opportunity is the sacrifice of the next best alternative choice

13

Sectors of production

Land labour capital enterprise

14

Durable

Products that last a long time

15

Non durable

Products that don't last a long time

16

Tagible

Products you can touch

17

In tangable

Products you can't touch

18

Possibility curve

A possibility curve shows the efficiency of the maximum output of two froducts. It shows how much you need to one product you need to sacrifice for another

19

Primary sector

Natural reources

20

Secondary sector

Manufacturing of the products

21

Tertiary sector

The sevice

22

Capital goods

Goods used to make consumers goods and services such as eqipment

23

Merit goods

Services provided free for the use of public such as education and the nhs

24

Public goods

Goods used for the benefit of well being such as lampsosts