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15 Cards in this Set
- Front
- Back
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Scarcity
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All resources are limited and there is never enough for everyone
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Resources
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Land: Natural Resources (come from the earth)
Labour: Employees making goods or giving services Capital: Things that aid in production eg: Machinery |
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Supply
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is how much of an item is avaliable
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Demand
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is how much of an item is wanted by the people
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Choices
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are decisions between goods and /or services, because we cannot have them all
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Surplus
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is having more supply than demand
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Law of Supply
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states that as the supply increases, the price increases
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Law of Demand
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states that as the demand decreases, the prices decrease
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Profit
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is the income left after expenses are paid
also profit as an equation is: profit=revenue-expenses |
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Expenses
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are the costs in running a business
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need
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need is something that is neccersery to survivial such as food, water and shelter etc...
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want
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want is something that makes life better such as computers, luxury clothing, drinks etc...
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Economics
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economics is the study of how we satisfy our wants and needs with limited resources
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Goods
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goods are products that are sold to consumers
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Services
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services are actions done by the company for the consumer.
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