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New JC Econ Review

New Jc Bus Studies Economics Review

TermDefinition
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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