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economics

introduction to economics

TermDefinition
economics how people with limited income decides on what they spend their money on
factors of production land, labour, capital and enterprise
land natural resource e.g seas. income=rent
labour people available. income=wages
capital man made objects e.g machinery. income=interests
enterprise bringing land labour and capital together to create a business. income=profit
economic system how a country uses its factors of production to make goods
centrally planned economy government makes all the decisions about the production of goods e.g past=china today=cuba
free enterprise economy people can make all the decisions about the production of goods as long as they stick with the law e.g america
mixed economy combination of a centrally planned and a free enterprise economy e.g Ireland
GNP gross national product
economic growth the change in GNP in a country within a year
calculation for economic growth change in production multiplied by 100 ------------------ --- production in year 1 1
benefits of economic growth new jobs, people have more money to spend, money for government to use on education and health
how to achieve positive economic growth inflation kept low, interest rates kept low, wages increase, government budgets well
inflation increase in the cost of living
calculation for inflation increase in cost of living multiplied by 100 -------------------- --- cost of living in year 1 1
CPI consumer price index
causes of inflation increase in the cost of producing goods, demand for goods are greater than amount available, price of oil has increased
dangers of high inflation loss of jobs, goods harder to sell abroad
Created by: paulinebiron
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