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 |