topic 1,2 Flashcards
(18 cards)
definition of need
something/resource that is essential for living
definition of want
something a person would like to have to satisfy themselves , non essential for living
definition of the economic problem
unlimited wants but limited resources which creates scarcity
definition of scarcity
not enough resources to satisfy peoples needs and wants
definition of opportunity cost
giving something up for another due to lack of resources
definition of factors of production
resources needed to produce goods and scarcity - capital, enterprise, land, labour
definition of specialisation
working on a task a person does best in (increases efficiency and quality of produce)
definition of division of labour
production that is split into separate tasks and each workers specialises in one task
definition of added value
the difference between a products selling price and the cost bought in materials
definition of primary sector
producing raw materials and extracting natural resources ( example: coal, oil, fuel, etc) that can be sold to secondary sectors
Definition of secondary sector
Manufacturing and producing goods provided by the primary sector
Definition of tertiary sector
Selling goods and services from secondary sectors because they have lack of space and natural resources
Definition of industrialisation
Decline in the importance of the primary sector,entering secondary sector
Definition of deindustrialisation
Decline in the importance of the secondary sector
Definition of mixed economy
Have both private and public sectors
Definition of private sector
Business owned by people and not the government
Definition of public sector
Business owned by government/state
In your opinion,do you think private sector or public sector is better
( your opinion )
