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Key terms in new leaving cert economics

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Term
Definition
show Is a social science  
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Social science   show
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Economic models   show
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Economic data   show
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show To calculate a percentage we use the proportionate change in a quantity .  
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show A need is immediate ,eg food and shelter which we need to survive. A want is anything in excess of needs that is not necessary for our survival,eg holiday or a new phone  
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Average cost   show
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show Anything manmade that assists in the production of wealth .  
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show The difference between the value of visible exports and visible imports.  
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show The flow of receipts and expenditure between companies and households.  
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Consumer   show
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Deflation   show
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show The number of units of goods a consumer wants to buy at various prices. Consumers demand goods and services to satisfy their needs and wants .  
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Devaluation   show
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Opportunity cost   show
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Markets   show
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show Is the change in a variable caused by an increase of one unit of another variable  
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show Anything provided by naturę that help in the production of wealth eg. Sea, fields etc  
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show The Human effort involved in creating wealth eg. The deli assistant, farmer etc.  
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show Anything made by Humans that assists in the  
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Created by: Gemmabehan
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