• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/3

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

3 Cards in this Set

  • Front
  • Back

In Economics people choose to satisfy their; needs, wants. To satisfy their needs & wants, people buy goods and services.


What is the differences between the four and give three examples for each one.

Needs (limited/few of): Necessary for survival. (Essentials). E.g first aid, food, water, shelter, suitable clothes shoes.


Wants (unlimited): Not necessary to live with. E.g New phone, books, movies, laptop, T.V


Goods: Tangible/Can see and touch them. E.g Bags, furniture, clothes, toys


Services: Intangible/cannot see + touch activities we pay for. E.g Transport, building, plumbing, insurance.

Income; income is money received by an individual from working,owning assets or as a transfer. These are the 3 sources of income. Give four examples for each of the sources.

1)Work: Wage=,per hour Salary=per annum/year Commission=% of sales Fees=particular service.


2)Ownership:


Property=rent


Savings=interest


Shares=dividends


Business=profits Copyright=royalties


Assets earn=capital gains.


3)Transfers: Social welfare benefits; Pensions; Inheritance; ACC (compensation); Pocket money/Allowance.

e

f