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14 Cards in this Set
- Front
- Back
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What is a want? |
Things we want but can survive without |
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What is a need |
Things that are a essential to survive |
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What is the economic problem? |
When we want something but do not have enough resources E.g. when you want a new phone but not enough money |
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What is the economic problem formula? |
"Unlimited wants" +"unlimited resources"=the economic problem |
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What is opportunity cost? |
When we want something but there is always a cost so a choice is made and the next best alternative gives up by choosing another item |
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What are the two types of goods and services? |
>consumer goods and services There are 2 types of there •single use e.g. chocolate bar •duable use e.g. a chair >producer goods and services There are 2 types of these •single use e.g. raw materials •duable use e.g. machinery |
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What are goods? |
Things that you can see or tough e.g. cars,glasses,furniture |
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What are services? |
Things that can not be touched or seen by are provided e.g. mailman,dentist,firemen |
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What are the factors of production and what are the rewards? |
>land Natural resources e.g. forest and sea reward is rent
>labour All mental and physical human effort Reward is wages
>capital Manufactured goods or services used to produce other goods and services e.g. machinery Reward is capital
>enterprise An entrepreneur is a person who organises the 3 factors of production e.g. Anita Roddick Reward is profit |
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What are the 3 different types of business activity? |
1. Primary sector business These businesses extract raw materials from natural resources
2. Secondary sector business These businesses take raw materials and turn them into finished products
3. Tertiary sector business There businesses provide a service |
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What is interdependence? |
Each type of business depends upon other sector businesses |
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What is a chain of production? |
This shows the interdependence of a product and the stages that a product goes through before reaching the final consumer |
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What is the chain production of chocolate and a car? |
Cocoa,sugar, milk (primary sector) | \/ Machines to mix the ingredients And shape the bar (seconday sector) | \/ Transported to shops to The consumers (tertiary sector)
Steel (primary sector) | \/ Machines that proccess it Into a car (seconday sector) | \/ Sent to shops to The Consumer (tertiary sector) |
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What large formula to find surface area? |
SA= complete squares +incomplete squares ____________________ 2
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