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New JC Econ Review
New Jc Bus Studies Economics Review
| Term | Definition |
|---|---|
| Capital | is anything man-made which is used in the production of goods and services, |
| Enterprise | refers to the person or business that combines the other three factors of production to produce a product or service. |
| Opportunity cost | refers to the thing that is done without when choosing another option. |
| Microeconomics | looks at the behaviour of consumers and businesses in different types of markets to try and understand their decision-making process. |
| Macroeconomics | looks at the decisions made at national and international level by governments bodies, such as the European Union, to understand how the economy works as a whole. — |
| Economics | is the study of how people with limited resources make decisions as they attempt to satisfy their essential needs and unlimited wants. |
| Land | is anything provided by nature which is used in the production of goods and services. |
| Labour | is any human effort which goes into the production of goods and services. |
| Market demand | refers to people's willingness to buy a product or service at a particular price and at a particular time. |
| Substitute goods | are goods which are easily swapped with each other for the same use. |
| Complementary goods | are products that are often purchased and used together. |
| Disposable income | refers to how much money consumers have available to spend after taxes are paid. |
| Market supply | refers to the quantities of a product that sellers are willing to make available to buyers at a given price and time. |
| A supply curve | is a graph showing the quantity Of a product sellers are willing to supply at different prices. |
| A demand curve | is a graph showing the quantity Of a product demanded by Customers at different prices. |
| Subsidies | are financial supports (e.g. grants or tax incentives) given by the government to groups of people or businesses |
| An economy | exists wherever people and businesses engage in producing, selling, buying and consuming goods and services, |
| Resource allocation | means deciding what goods and services to produce, how to produce them and for whom to produce them |
| The private Sector | is not owned by the State, It consists of individuals or organisations that are free to set up and run businesses and supply goods and services to anyone. |
| The public sector | refers to organisations owned and controlled by the State, including government departments and State agencies |
| An economic system | refers to the way in which an economy decides what to produce, how to produce it and for whom. |
Created by:
MrFromholz
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