Introd to Economics
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| Economics | show 🗑
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| Scarcity | show 🗑
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| Need | show 🗑
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| show | Is anything in excess of needs which is not necessary for our survival, e.g. a foreign holiday or a new car.
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| show | Is the cost of foregone alternatives.
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| show | Is a method used to solve a theory where you begin with hypotheses that we believe are true, apply a situation to this statement and arrive at the conclusion that'll be accurate assuming the original situation is true.
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| show | Is a method used to solve a theory where a researcher collects data, looks for a pattern and from this, a conclusion is drawn, which becomes an economic law.
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| show | These laws are statements that under certain conditions, certain people will behave in certain way. They do not apply to everyone.
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| Land | show 🗑
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| Labour | show 🗑
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| Capital | show 🗑
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| show | The factor of production which combines all the other factors of production and takes the initiative and bears the risk invoked in setting up a business to produce goods in the hope of making a profit.
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| show | Is where buyers and sellers meet. It can be a physical place e.g. Car boot sale, or virtual, like eBay.
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| Factor Market | show 🗑
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| show | Deal with party finished goods, e.g. The business owner who employs the young people sells the oranges to a juicing company for 10c per orange.
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| Final Markets | show 🗑
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| show | Where private business people make the decisions on the goods and services to be produced. E.g. USA
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| Centrally Planned economy | show 🗑
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| Mixed economy | show 🗑
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| Income | show 🗑
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| Wealth | show 🗑
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| Welfare | show 🗑
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| show | Studies how an individual producer and a consumer makes decisions and attempt to solve this economic problems.
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| Macroeconomics | show 🗑
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| Positive Statements | show 🗑
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| Normative Statements | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
deborahh
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