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Chapter 15

Introduction to Economics

QuestionAnswer
Economics The study of how people and businesses with limited income make decisions about what they spend their money on.
Factors of production The elements necessary to produce goods and servises. They can be divided into four categories - land, labour, capital and enterprise.
Economic system A country refers to the way the country uses its factors of production to produce goods and servises.
Economic growth To the change in quantity of goods and services produced in country from one year to the next.
Inflation To an increase in pries in a country from on period to the next.
Created by: jdunnestmarks
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