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2nd Year Economics

2nd Year Economics Revision

QuestionAnswer
What is a need? Something that we must have
What is a want? Something that we desire but don't need
What is opportunity cost? The loss of other alternatives when one alternative is chosen
What is financial cost? The amount that the item costs
What is economics Study of how people and businesses with a limited income make decisions about what to spend to satisfy their needs and wants
What is an example of a limited resource for consumers? Money
What does CSO stand for? Central Statistics Office
When does scarcity happen? When there is not enough of something to satisfy everyone's wants
If you have €100,000 to spend on you company. You have a choice of buying vans for your company or increasing workers wages. What is the financial cost of buying the vans? €100,000
If you have €100,000 to spend on you company. You have a choice of buying vans for your company or increasing workers wages. What is the opportunity cost of increasing workers wages? Buying the vans
You have €1. You want to buy a Mooju that cost 60 cent or a cookie that cost 90 cent. You purchase the cookie. What is the opportunity cost? The Mooju
Created by: 1225852217584923
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