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Introduction to Econ

Economics

TermDefinition
NEED A need is immediate e.g. food and shelter, which we need to survive
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
OPPURTUNITY COST Opportunity cost is the cost of foregone alternatives (choice)
ECONOMICS a social science which studies the allocation of scarce resources which have alternative uses
FOUR FACTORS OF PRODUCTION land, Labour, Capital , Enterprise
LAND Anything provided by nature that helps in the production of wealth
LABOUR The human effort involved in creating wealth
CAPITAL Anything man-made that assists in the production of wealth
ENTERPRISE the factor of production which takes the initiative and bears that risk involved in setting up a business to produce goods
MARKETS A market is where buyers and sellers meet
FACTOR MARKETS Factor markets are markets in which the factors of production are bought and sold e.g. Picking oranges
INTERMEDIATE MARKETS Intermediate markets deal with partly finished goods. e.g. Delivering oranges
FINAL MARKETS The buying and selling of finished goods takes place in final markets e.g. Orange juice
INCOME Income is a flow of wealth because it is received regularly for providing a factor of production
WEALTH Wealth is the total value of all assets owned by an individual or group of people
FREE ENTERPRISE A free enterprise economy is where private businesspeople make the decisions on the goods and services to be produced
COMMAND/CENTRALLY PLANNED ECONOMY where the government makes the decisions on goods and services to be produced e.g. Cuba and North Korea
MIXED ECONOMY A mixed economy is one that incorporates elements of both central planning or private enterprise in its economic system
WELFARE The overall condition of well-being of an individual or group of people
MICROECONOMICS studies how an individual producer and a consumer make decisions and attempt to solve their economic problems
MACROECONOMICS deals the aggregates in an economy
Created by: jennifer.s
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