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Business

Business(Economic framework)

QuestionAnswer
What are resources? Things which individuals ,businesses and governments own and use in the production of goods and services E.g, money,buildings,machinery,land and oil
What are scarce/limited resources? Resources that are scarce or limited when there are not enough resources to do all that things that need to be done E.g you have 20 euro but you want something which constists of 50 euro. You have to make choices
What is economics? The study of how individuals,businesses ans governments make choices on how to use their limited or scarce resources
What are wants and needs? Wants are things you would like to have if you had enough resources,needs are things you can do without
What is financial cost? The actual cost of an item you buy
What is opportunity cost? When you make a choice between a number of things you loose the opportunity of having the things you did not choose
What are the factors of production? Land-anything supplied by nature,Labour-human effort put into making something,Capital-money and artificail items e.g machinery,Enterprise-the taking of a risk in bringing the other factors together in hope of making a profit
What is the economic system? The system or way the factors of production are used.In Ireland the system used is a mixed economic system because both the government and private individuals are involved in producing and distributing goods and services
What is economic growth? This occurs when there is an increase in the amount of goods and services produced in a country from one year to the next
What is inflation? An increase in the cost of living from one year to another
How do you claculate the rate of inflation? Difference x 100% over original amount (year 1)
Created by: Chimozukee
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