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19 Cards in this Set
- Front
- Back
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Opportunity Cost
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The next best alternative forgone.
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Values
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The beliefs, customs or traditions that are so important to a person that they will influence the decisions that they make.
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Need
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Something one has to have in order to survive eg food, clothing and shelter.
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Want
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Something that is not essential for life but adds to the quality of ones life
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Personal means
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The strictly limited personal resources a person has access to eg family, income, skills, time,
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Scarcity
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The state where a person's means is limited relative to their unlimited wants.
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Conflict
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When a decision means not everyone's values are being met.
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Compromise
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When a solution is found to a problem/conflict that allows both parties to be satisfied with the outcome.
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Demand
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The amount of a good or service a consumer is willing or able to buy at a range of prices.
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Law of Demand
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As the price of good increases then the quantity demanded will decrease, assuming ceteris paribus (when all else remains the same) vice versa.
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Demand Schedule
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Demand Curve
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Graphical representation of the table/schedule.
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T.O.A.D.S
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Title Origin Axis Demand Scale
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Movement along the curve
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Change in PRICE = change in the QUANTITY demanded.
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Ceteris paribus
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When all else remains the same.
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The determinants of demand.
aka -the non-price factors or the TICS |
Taste and preference
Income Price of Complementary goods Price of Subsitute goods |
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Complementary Goods
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Goods usually consumed together eg bread and butter.
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Substitute goods
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Goods that can be used to replace one another eg butter or margarine.
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Household
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A group of people living under one roof who buy goods and services.
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