Economics Unit 1
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| Why do people spend? | show 🗑
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| show | To pay for expensive goods. "For a rainy day" For retirement. Habit.
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| Why do people borrow? | show 🗑
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| What are the 5 types of saving? | show 🗑
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| What are the 7 types of borrowing? | show 🗑
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| What does surplus mean? | show 🗑
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| show | There is not enough supply / demand.
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| What is The Basic Economic Problem? | show 🗑
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| show | A shortage is when the demand for a product is higher than the supply.
Scarcity is when wants for a product is higher than the supply
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| show | People are willing and able to buy a product.
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| show | Goods that do not have a price because there is enough to satisfy everyone. (fresh air)
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| show | The benefit you lose as a result of making a decision. Can also be known as "real cost"
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| show | What to buy.
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| show | What to produce.
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| What choice do the government have to make? | show 🗑
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| show | Where people make/produce goods and services. It can be local, regional, national or international.
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| show | Where buyers and sellers come together in order to agree a price and exchange.
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| show | Land, Labour, Capital and Enterprise.
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| What is Land? | show 🗑
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| What is Labour? | show 🗑
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| show | Man-made resources, (Factories, machinery)
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| What is Enterprise? | show 🗑
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| What is Geographical mobility? | show 🗑
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| show | Resources can change use.
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| What is Demand? | show 🗑
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| show | The quantity of goods and services that people are willing and able to buy.
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| show | Effective demand at a given price
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| show | The demand of 1 consumer
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| What is Market demand? | show 🗑
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| show | A table showing quantity demanded.
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| show | A graph plotting data from the demand schedule.
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| What is utility? | show 🗑
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| show | The extra satisfaction that you get as a result of consuming 1 extra unit.
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| show | The graph moves right.
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| What happens to the demand curve when demand falls? | show 🗑
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| show | Disposable income, Prices of other goods, Trends and Fashion, Number of consumers (age distribution), weather, Interest rates.
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| What is Supply? | show 🗑
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| show | A change in supply as a result of a change in price.
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| How does competitive supply effect supply? | show 🗑
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| show | A rise in price of a good might increase the supply of joint products.
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| show | A fall in the cost of any factor of production will lead to an increase in the supply.
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| How does Government Intervention effect supply? | show 🗑
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| How does technology effect supply. | show 🗑
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| show | A non price determinant
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| show | An extension of supply.
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| What would cause a contraction on the supply curve? | show 🗑
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| show | Resources are used for their best suited productive activity.
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| What are the benefits of using specialisation? | show 🗑
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| show | Increased productivity - increased income
Workers work in the job they are best at - most satisfaction
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| What are the disadvantages of "Division of Labour"? | show 🗑
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| What is the short run? | show 🗑
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| What is a worldwide market? | show 🗑
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| What is a localised market? | show 🗑
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| show | There is something to be exchanged, buyers, sellers, and a price.
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| show | When there are no barriers to firms competing with each other. The price is set by the total demand and supply. There is no government intervention.
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| show | When both the quantity demanded and supplied are the same. The market is cleared (no shortage.. unsatisfied customers, no unsold supplies.)
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| How will suppliers react to unsold stock? | show 🗑
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| show | Consumers will compete with each other by offering to pay a higher price.
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| What would cause a rise in the equilibrium price? | show 🗑
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| Why do governments intervene in markets? | show 🗑
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| show | Imposing a tax, setting a maximum price below the equilibrium, or offering a subsidy
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| What is a subsidy? | show 🗑
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| show | They feel the equilibrium price is too high. To help low income consumers.
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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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