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Economics

Business Studies-Junior Cycle-Economics (Intro)

TermDefinition
Economics Economics looks at how people try to make the best use of scarce or limited resources. Economics is the study of scarcity and choice.
Factors of production The main resources available for producing goods and services. Land, Labour, Capital and Enterprise.
LAND- In the 'Factors of production' Resources supplied by nature. E.g. Mountains,The sea, Clean Air/Water
LABOUR- In the 'Factors of production' The people who produce the goods and services. They are paid a wage. E.g. Employees
CAPITAL- In the 'Factors of production' All the man made things that help in the production. E.g. Machinery, Equipment
ENTERPRISE- In the 'Factors of production' The skill of bring the other three factors together. To try and make a profit. E.g. Entrepreneurs, Shareholders, Money
Scarce / Scarcity A limited or small amount of something.
Opportunity cost This is the item that was not chosen when you make a choice.
Economic growth The increase in GNP(National Income) from one year to the next.
GNP Gross National Product- The total income of a country. Also known as national income.
National Income The total income produced in the country in a year.
Inflation This is an increase in the price of goods and services over a period of time.
Demand Pull Inflation Too much demand and not enough goods and services to meet the demand.
Cost Push Inflation The cost of producing the goods increases, this increases the cost to the consumer.
Imported inflation The cost of producing the goods increases, this increases the cost to the consumer.
CPI Consumer Price Index
Consumer Price Index This measures the increase in the cost of living (Inflation)
Deflation This is a decrease in the price of goods and services over time.
Created by: linsher36
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