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Intro economics

Key terms in new leaving cert economics

TermDefinition
Economics Is a social science
Social science Studies human behaviour in different conditions
Economic models Are at the heart of economic theory. Modelling provides a template to help organise an economists thoughts.
Economic data Consists of facts gathered for economic reference or analysis,such as fhe amount of money that individuals earn,the amount of money that companies pay in tax or how much money governments owe to other countries.
Percentage To calculate a percentage we use the proportionate change in a quantity .
Needs and wants A need is immediate ,eg food and shelter which we need to survive. A want is anything in excess of needs that is not necessary for our survival,eg holiday or a new phone
Average cost This cost is calculated by dividing total cost by quantity.
Capital Anything manmade that assists in the production of wealth .
Balance of trade The difference between the value of visible exports and visible imports.
Circular flow of income The flow of receipts and expenditure between companies and households.
Consumer An individual who makes the decision whether to buy goods or services.
Deflation This happens when there is a general decrease in the average level of prices , which can be very damaging to an economy
Demand The number of units of goods a consumer wants to buy at various prices. Consumers demand goods and services to satisfy their needs and wants .
Devaluation The decrease in the value of one currency relative to that of other currencies.
Opportunity cost Is the cost of foregone alternatives (choice).
Markets Exist where buyers and sellers meet to exchange goods and services.
Margin Is the change in a variable caused by an increase of one unit of another variable
Land Anything provided by naturę that help in the production of wealth eg. Sea, fields etc
Labour The Human effort involved in creating wealth eg. The deli assistant, farmer etc.
Capital Anything made by Humans that assists in the
Created by: Gemmabehan
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