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Economics

definitions

TermDefinition
Economics How people, businesses and governments with limited resources make choices as to what to produce to satisfy demand
Resources Used in production of goods and services
Factors of Production Scarce resources used to produce wealth. There are four factors of production - Land, Labour, Capital and Enterprise. Each factor yields an income.
Land All things provided by nature e.g. oil, minerals. Land yields rent
Labour Human input in production process e.g. factory workers. Salary/ wages are reward for labour
Capital All man-made things that help in production of goods/services e.g. equipment. Capital yields interest
Enterprise Human input that brings the other three factors together to start a new business/ do something new. Reward is profit
Need Essentials required for survival e.g. food
Want Items we would like to have e.g. i-pod
Economic System The way a country uses its factors of production to produce goods and services
Centrally Planned Economy Government makes all the decisions about the production of goods/services. Government runs all the business so no private enterprises. AKA closed economy e.g. Cuba
Free Enterprise Economy AKA Open economy. Lots of private industry and very little government intervention e.g. USA
Mixed Economy Combination of both state and private businesses eg Ireland
Economic growth Increase in amount of goods & services produced in an economy over a period of time, usually a year. Measured by GNP or GDP.
GNP Gross National Product
GDP Gross Domestic Product
Inflation Sustained increase in general level of prices (cost of living) over period of time, usually a year. Measured by CPI
CPI Consumer Price Index
Circular Flow of Income how money flows through the economy
Circular Flow 1 households supply labour and in return receive income from firms
Circular flow 2 households also now buy goods and services which the firm supply (all income is spent)
Circular Flow 3 households now spend and save which firms are able to access through loans from banks
Circular Flow 4 introduction of government, foreign trade to include more leakages and injections
Leakage money taken out of circular flow e.g. savings, taxation, imports
Injections additions to money in circulation e.g. government investment, exports and business spending on capital
Economies of scale benefits of mass production i.e. cheaper unit cost e.g. robotics, bulk buying, specialised workers (specific jobs)
Diseconomies of scale unit cost increases as business expands e.g. loss of personal touch with customers, demotivated workforce
State-owned Bodies Run by the government
Reasons for State-owned large amount of funding needed, develop natural resources, provide essential services, promote Ireland, promote tourism
Privatisation transferring ownership from the State to private investors
Reasons for privatisation body losing money, govt need money, e.g. Aer Lingus
Created by: MsBradyJCBSTU
 

 



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