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intro to economics

TermDefinition
need is immediate e.g. food and shelter which me need to survive.
want anything in excess of needs which isn't necessary for our survival e.g. a foreign holiday or a car.
opportunity cost the cost of foregone alternatives {choice}.
economics a social science which studies the allocation of scarce resources which have alternative uses.
the four factors of production land, labour, capital, enterprise.
markets factor markets , intermediate markets, final markets.
economic systems free enterprise, centrally planned economy, mixed economy.
branches of economics microeconomics, macroeconomics.
microeconomics Studies how an individual producer and consumer make decisions and attempt to solve their economic problems.
macroeconomics deals with aggregates in an economy
Created by: adam.gill02
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