Grade 8ABCDEFG
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| NEED | A need is immediate e.g. food and shelter, which we need to survive
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| 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
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| OPPORTUNITY COST | Opportunity cost is the cost of foregone alternatives (choice)
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| ECONOMICS | a social science which studies the allocation of scarce resources which have alternative uses
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| COMMAND/CENTRALLY PLANNED ECONOMY | where the government makes the decisions on goods and services to be produced e.g. Cuba and North Korea
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| MIX ECONOMY | A mixed economy is one that incorporates elements of both central planning or private enterprise in its economic system
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| MICROECONOMICS | studies how an individual producer and a consumer make decisions and attempt to solve their economic problems
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| MACROECONOMICS | The study of the performance of the national economy and the global economy
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| SCARCITY | The needs and wants of a person exceed the resources available to that person
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| 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.
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| GOODS | Physical objects such as clothes or shoes
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| SERVICES | Actions or activities that one person performs for another
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| TRADE-OFF | An alternative choice that we sacrifice when we make a decision
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| TRADITIONAL ECONOMY | economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
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| DEMAND | the number of units of goods a consumer will buy at various price
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| LAW OF DEMAND | states that an increase in price leads to a decrease in quantity demanded
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| SUPPLY | refers to the quantity of a good that firms are willing to make available at various prices over a particular period of time.
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| LAW OF SUPPLY | At low prices the quantity supplied is low whereas at high prices the quantity supplied will be high
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| CAPITALISM | An economic and political system in which a country's trade and industry are controlled by private owners for profit.
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| 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.
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| 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.
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To hide a column, click on the column name.
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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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