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16 Cards in this Set
- Front
- Back
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Economic Growth |
the percentage increase in the country's output of goods and services, this leads to an expansion in the country's productive capital |
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Opportunity Cost |
the opportunity cost of a decision to produce more of one good is measured in terms of the ext best for gone alternative |
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Microeconomics |
this is the study of the small parts of the economy. the behaviour between individual units, firms, industrys, consumers and markets |
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Free market economy
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Or a capitalist economy is one in which all economic decisions are taken by private individuals and forms motivated by price and profit with little governments intervention
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Free market economy
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Or a capitalist economy is one in which all economic decisions are taken by private individuals and forms motivated by price and profit with little governments intervention
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Planned economy
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Command or communist. Economy is one where all property and resources are state owned and all decsionions are made by the state
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Free market economy
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Or a capitalist economy is one in which all economic decisions are taken by private individuals and forms motivated by price and profit with little governments intervention
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Planned economy
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Command or communist. Economy is one where all property and resources are state owned and all decsionions are made by the state
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Mixed economy
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Takes both public (gov) and private ownership of property and resources and in which decisions are taken partly by the state and partly by private individuals.
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Social enterprise
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Are socially driven organisations which apply market based strategies to achieve a social and of environmental aim.
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Social enterprise
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Are socially driven organisations which apply market based strategies to achieve a social and of environmental aim.
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Chairty
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A voluntary organisation created to promote the public good or help those in need
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Social enterprise
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Are socially driven organisations which apply market based strategies to achieve a social and of environmental aim.
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Chairty
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A voluntary organisation created to promote the public good or help those in need
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Social engineering
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Refers to government policies or guidelines designed to influence popular attitudes and social behaviour on a larger scale
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Equilibrium
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Equilibrium in the macro-economy is achieved when the value of the aggregate demand for goods and services is just equal to the values of goods and services supplied by firms. ( demand = supply)
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