economics Word Scramble
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| Term | Definition |
| economics | how people with limited income decides on what they spend their money on |
| factors of production | land, labour, capital and enterprise |
| land | natural resource e.g seas. income=rent |
| labour | people available. income=wages |
| capital | man made objects e.g machinery. income=interests |
| enterprise | bringing land labour and capital together to create a business. income=profit |
| economic system | how a country uses its factors of production to make goods |
| centrally planned economy | government makes all the decisions about the production of goods e.g past=china today=cuba |
| free enterprise economy | people can make all the decisions about the production of goods as long as they stick with the law e.g america |
| mixed economy | combination of a centrally planned and a free enterprise economy e.g Ireland |
| GNP | gross national product |
| economic growth | the change in GNP in a country within a year |
| calculation for economic growth | change in production multiplied by 100 ------------------ --- production in year 1 1 |
| benefits of economic growth | new jobs, people have more money to spend, money for government to use on education and health |
| how to achieve positive economic growth | inflation kept low, interest rates kept low, wages increase, government budgets well |
| inflation | increase in the cost of living |
| calculation for inflation | increase in cost of living multiplied by 100 -------------------- --- cost of living in year 1 1 |
| CPI | consumer price index |
| causes of inflation | increase in the cost of producing goods, demand for goods are greater than amount available, price of oil has increased |
| dangers of high inflation | loss of jobs, goods harder to sell abroad |
Created by:
paulinebiron
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