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AICE Econ AS Unit 1

Review of terms and concepts from Unit 1 of AICE Econ AS Level

TermDefinition
Scarcity The concept that resources are on unlimited and choices must be made.
Trade Off Every choice has an unlimited number of alternatives.
Opportunity Cost Whenever we make a choice, this is the next best alternative.
The Economic Problem What to produce, how to produce it and who gets it once it is made.
Land The factor of production that includes natural resources.
Labor The factor of production concerning paying people to provide a good or service.
Capital The factor of production concerning man-made aids to production
Enterprise The factor of production concerning the creation of new producing companies.
Positive Statement A verifiable statment of fact.
Normative Statement A statement based on an opinion.
Ceteris Paribus A latin phrase meaning "all other things being equal".
Division of labor greatly increases... Effiency and total output.
Market Economy An economy where resources are allocated by the price mechanism of supply and demand.
Command Economy An economy in which the government makes most decisions about how resources are used.
Mixed Economy Essentially all economies in the world today. Decisions about resource usage are made in part by the market and by the government.
Liquidity How easy wealth is to spend.
Capital Good Goods used to produce other goods and services.
Consumer Goods Goods the people buy and then use up.
Medium of Exchange A feature of money. All sellers are willing to accept it as payment for goods and services.
Unit of Account Feature of money. Gives a standard unit for prices to be understood.
Store of Wealth Feature of money. Money can be held over time without losing its value.
Coincidence of Wants The main barrier to trade. Both parties in a trade have to value and desire what the other has.
Production Possibilities Curve (PPC) A graph showing the opportunity cost of resource allocation.
Production Possibilities Frontier (PPF) The name of the line of a PPC that shows production a peak efficency.
Inefficient Production When production on a PPC is graphed inside the PPF the economy is described as...
Created by: M.Brock
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