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JC Economic Keywords
| Term | Definition |
|---|---|
| Economics | Study of how people and businesses with limited income make decisions about what they spend their money on |
| Factors of production | Elements necessary to produce goods and services |
| Land | Anything supplied by nature used in the production of goods and services |
| Labour | The human effort that goes into the production of goods and services |
| Capital | Anything man-made that helps in the production of goods and services |
| Enterprise | The act f bringing land, labour and capital together to produce goods and services |
| Economic system | The way a country uses its factors of production to produce goods and services |
| Gross Domestic Product (GDP) | Total amount of goods and services produced in an economy in one period |
| Gross National Product (GNP) | Total amount of goods and services produced in an economy in one period LESS profits sent out of the country by foreign owned companies based in the country PLUS profits returned to the country from local firms based abroad |
| Economic growth | The change in the quantity of goods and services produced in a country from one year to the next |
| Inflation | An increase in the general level of prices in a country from one period to the next |
| Consumer Price Idex (CPI) | The official measure of inflation in Irelans |
| Needs | Essential items we require to survive |
| Wants | Items we would like to have |
| Opportunity cost | The item we do without when we have to make a choice between two or more actions |
Created by:
Ms McEntee
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