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Intro to Economic
Grade 8ABCDEFG
| Term | Definition |
|---|---|
| NEED | A need is immediate e.g. food and shelter, which we need to survive |
| WANT | A want is anything in excess of needs which is not necessary for our survival e.g. a foreign holiday or a new car |
| OPPORTUNITY COST | Opportunity cost is the cost of foregone alternatives (choice) |
| ECONOMICS | a social science which studies the allocation of scarce resources which have alternative uses |
| COMMAND/CENTRALLY PLANNED ECONOMY | where the government makes the decisions on goods and services to be produced e.g. Cuba and North Korea |
| MIX ECONOMY | A mixed economy is one that incorporates elements of both central planning or private enterprise in its economic system |
| MICROECONOMICS | studies how an individual producer and a consumer make decisions and attempt to solve their economic problems |
| MACROECONOMICS | The study of the performance of the national economy and the global economy |
| SCARCITY | The needs and wants of a person exceed the resources available to that person |
| MARKET ECONOMY | an economy in which the decisions of households and firms interacting in markets allocate economic resources. Only really exists in theory, however the USA comes close. |
| GOODS | Physical objects such as clothes or shoes |
| SERVICES | Actions or activities that one person performs for another |
| TRADE-OFF | An alternative choice that we sacrifice when we make a decision |
| TRADITIONAL ECONOMY | economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services |
| DEMAND | the number of units of goods a consumer will buy at various price |
| LAW OF DEMAND | states that an increase in price leads to a decrease in quantity demanded |
| SUPPLY | refers to the quantity of a good that firms are willing to make available at various prices over a particular period of time. |
| LAW OF SUPPLY | At low prices the quantity supplied is low whereas at high prices the quantity supplied will be high |
| CAPITALISM | An economic and political system in which a country's trade and industry are controlled by private owners for profit. |
| SOCIALISM | A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
| COMMUNISM | opposition to liberal democracy and capitalism, advocating instead for a classless system in which the means of production are owned communally and private property is nonexistent or severely curtailed. |
Created by:
lorentiusokyp
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