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Economics
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TermDefinition
Economics The study of how man allocates scarce resources, which have alternative uses, to achieve given ends or goals.
Economy This is the mechanisms through which these scarce resources are organized for the production of goods and services.
Household This is a one decision-making unit. In economics two assumptions are made about households. First, households consume goods and services. Second, households are the owners of the factors of production.
Firm A firm is also a decision making unit. This is the unit that produces goods and services.
Government Government:- The government provides the frame work of rules and laws for households and firms to operate within. In some economies the government is also involved in production.
Needs Needs are any goods and services that are essential for life.
Wants Wants:- Wants are goods and services that are desired to improve the quality of life but are not essential.
Scarcity Scarcity:- This is an economic condition where all resources and goods and services, though they may be plentiful, are not sufficient for all those who desire them.
Choice Choice is the range of options available to the individual household, firm or government when making a decision.
Opportunity Cost:- This is defined as the next best alternative forgone. OR. The item or good that is given up.
Production Possibility Frontier (PPF) The production possibility frontier is a graph showing the various combination of goods that an economy is able to produce with fixed resources.
Efficient The economy is said to be producing on its production possibility frontier.
Economic Decisions An individual is faced with options and chooses one course of action.
Super-normal Profit This is the excess of total revenue over total cost.
Industrial Relations The relationship between the management of a firm and the workers.
Land Land is defined as the naturally occurring free gifts of nature.
Labour Labour is the physical and mental effort of man in the production process.
Capital Capital refers to all the goods used to produce more goods.
Entrepreneur An entrepreneur is one who is willing to take on substantial financial risks to begin or organise a businesses.
Mobility Mobility is the ease with which a factor of production can move from one place to another.
Labour Supply This refers to those people who are available for work in the economy.
Division of labour This is where the production process is divided into a series of separate tasks.
Specialisation This occurs when workers focus on a specific task and so become skilled in that area.
Labour Force The labour force is the number of people willing to work in the economy.
Supply of Labour This is the total number of hours they are willing to work.
Investment This is the purchase of capital goods.
Capital accumulation Capital accumulation is the increase in the capital stock of a country.
Primary factor of production Primary factor of production is one that occurs naturally such as land or unskilled labour.
Secondary factor of production A secondary factor of production is one created by man or developed in some way; for example, capital, entrepreneurship or skilled labour.
Production Production can be defined as the conversion of factors of production into goods and services that consumers wish to consume.
Goods Goods are tangible products (that you can touch)
Services Services are intangible products (things you cannot touch)
Producer goods Producer goods are goods such as machinery, that help in the production of other goods and services.
Intermediate goods Intermediate goods are goods that are used as inputs in the production of other goods and services.
Final goods Final goods are goods that are brought by consumers for use of consumption.
Created by: Jayann
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