Elements Of Economic Cycle Flashcards Preview

Gr 9 Ems > Elements Of Economic Cycle > Flashcards

Flashcards in Elements Of Economic Cycle Deck (7):
1

What are the products

Satisfies human needs
Can either be goods or services

2

What is households

Members of households are called consumers

3

What is the government

Also known as the public sector or the state.
Buys factors of production from households

4

What is the foreign sector

-Refers to all other countries in the rest of the world
-Involves imports and exports

5

What is imports

-provide products which are not locally available
-helps businesses to gain an advantage
- leads to an increase in competition

6

What are the factors of production

- labour
- capital
- natural resources
- entrepreneurship

7

What are exports

-Foreign currency flows into the country
-Excess goods can be exported