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Business JC New

Chp 33 Scarcity and Choice

TermDefinition
Economics This is the study of how people, businesses and governments make choices with scarce/limited resources in order to satisfy their needs.
Factors of Production Resources in a country needed to produce goods and services.
Land Anything provided by nature for producing goods, e.g. climate, minerals, forests, rivers,
Labour The people who are available for work to produce goods or provide a service.
Capital The Finance invested in a business, used to build factories and buy machinery or equipment needed to convert raw materials into finished products.
Enterprise People who have an idea and who take a risk in setting up a new business to make a profit.
Gross National Product This is the total amount of actual goods and services produced in a country in a year.
Economic Growth This is an increase in the total actual amount of goods and services produced in a country in a year. (It is not the value of the goods and services, as the increase could be caused by inflation).
Recession If a country experiences a decrease in GNP over 2 quarters
Formula for Economic Growth Increase in Production (GNP) * 100 Last years production (GNP
Benefits of Economic Growth (i) Employment increases as more jobs are created. (ii) The Standard of Living increases as people have more money. (iii) Increased Tax revenue for the government to spend on health, education etc. (iv) More money available to government for services.
Consumer Price Index (CPI) This is a list of goods & services and their prices from one period to the next.
Formula for Inflation Increase in Price* 100 Previous Price
Causes of Inflation (i) Demand is greater than supply. Excessive demand in a market pushes up prices. (Demand-Pull inflation) (ii) Increase in the price of raw materials e.g. oil, (iii) Increase in the cost of imported goods. (Cost-Push inflation)
Opportunity Cost When you have to make choices with scarce resources, when one product is chosen, the other product that you forego is the opportunity cost.
Interest Rate This is the cost of borrowing money. Ireland's is set by the European Central Bank (ECB)
Benefits of low interest rates. (i) Loans and mortgages will be cheaper (ii) Increased consumer spending as it is cheaper for people to borrow. (iii) Encourages investment in enterprise.
Reward for Land Rent
Reward for Labour Wages
Rewards for Capital Interest
Reward for Enterprise Profit/Loss
Economic Resources These are the factors or inputs used to produce and distribute goods and services.
Need Something that is necessary for survival e.g. food, water, shelter
Want Anything we would like to have but do not need to survive e.g. a holiday, a new playstation
Created by: adrianw
 

 



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