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Business Economics

TermDefinition
Economics
Need Something which we cannot live without. It is necessary in our lives.
Want Something which we can live without but would like to have.
Opportunity Cost The value or benefit of something that must be given up to achieve something else.
Financial Cost The price that we pay for an item.
Economic Resource/Factors of Production Needed to produce goods and services. The 4 are: land, labour, capital and enterprise.
Scarcity Individuals have to make choices about how they spend their income. We must make a choice between satisfying our needs and our wants.
Economy The way a particular region or country produces, consumes and distributes its economic resources.
Centrally Planned economy Government controls all the factors of production an makes all the economic decisions. Individuals have very little involvement.
Mixed economy A combination of a controlled and a free economy. Mixture between privately owned and government run businesses. Citizens are free to set up their own businesses.
Free economy Citizens are free to make decisions about the production of goods and services. Companies and individuals are free to operate without government intervention.
Limited resources We only have a certain amount of income to spend, which limits us in terms of our needs and wants. Individuals and organisations have limited resources.
Created by: RoryOC88
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