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Flashcards in Term 3 Economics And Business Deck (25)
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1

Define economics

The study of how business and government makes decisions about how we use our money and resources

2

What is a consumer?

Someone who buys or uses goods and services

3

What is a producer?

Someone who provides goods and services

4

What is a good?

Physical things that you can see and touch

5

What are services?

Actions that other people might perform for us and are not physical items

6

What is a market?

Any situation where people exchange goods and services

7

What is scarcity?

When there is unlimited wants and limited resources

8

What is an Equilibrium?

When the amount people want to buy is the same as the amount the producer is willing to provide

9

What is are virtual market?

A place where buying and selling is done online through the internet, without face-to-face meetings
e.g. Amazon, eBay

10

What is the economic problem of scarcity?

When resources are relatively hard to come by compared to needs and wants

11

What is the law of demand?

An economic law stating that as the price of a good or service increases, the demand by consumers for it will decrease and vice versa

12

Define needs and give some examples

Goods and services that are essential for living
Examples:
Food
Water
Shelter
Clothing
Health care

13

Define wants and give some examples

Goods and services that are not essential for living
Examples:
Latest shoes
Mansion
Internet
Trendy clothes

14

What is the economic problem

We have unlimited wants or needs for goods and services,the resources used to make these goods and services are limited

15

What is demand

Demand refers to how much (quantity) of a product or service is desired by buyers

16

List factors that influence demand

Prices move up or down

Tastes, latest trends come and go

Technology develops

Changing seasons create a seasonal demand

Level of activity in economy affects people's jobs and incomes

17

What is a demand schedule

A tabulation of the quantity of a good that all consumers in a market will purchase at any given price

18

What does TALL stand for

Title
Axis
Line
Label

19

What is a demand curve

A graphical representation of the relationship between the price dope a good or service and the quantity demanded for a given period of time

20

What is supply

Supply refers to how much the market can offer

21

What is the law of supply

The higher the price, the higher the quantity supplied

22

Define scarcity

We have an unlimited want (or need) for goods and services the resources used to make the goods and services (natural, human and capital resources) are limited.

23

What is the circular flow of income

In a market economy, there is a system of exchange between the producers (sellers) and consumers (buyers) that forms a circular flow

24

What are the 5 sectors in circular flow of income

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25

What are the factors of production

Land resources~ land,water,iron ore
Labour ~human work (physical/mental)
Capital~ machinery, tools, buildings
Enterprise