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14 Cards in this Set
- Front
- Back
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Production
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Production is anything directed towards the satisfaction the consumer wants through exchange, or production is a process where the land or capital are combined with labour to produce valuable goods and services.
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Scarcity
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Scarcity is the fundamentle economical problem and occurs because we have unlimited needs and wants but have limited resources to produce these goods and services
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Needs
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Necesseries to survive. E.g. Food, water, shelter, etc
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Wants
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Extras that make life more enjoyable.
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Economics
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Economics is the study of how relatively scarce resources are allocated to maximise the satisfaction of societies needs and wants.
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Labour
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Labour involves physical and mental effort by people. E.g. Plumber, builder, doctor, accountant, carpenter, etc
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Capital
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These are man-made implements (tools) that assist us to produce other valuable goods and services. E.g. Axe, hammer, computer, trackor, sledge hammer, buildings, truck, furniture, shops, etc
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Opportunity Cost
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The opportunity cost is the next best alternative we miss out on as a result of that choice.
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Factor of Production
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Land, labour and capital (+ management + enterprises) are reffered to as productive resources, or the Factors of Production.
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Land or Natural Resources
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These are the gist of nature, they represent what we get from the land in the ground, waterways, atmosphere. E.g. Trees, water, fish, vegetation, etc.
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Durable Goods
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Durable goods have lasting qualities or can be used many times.
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Non-Durable Goods
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Non-Durable Goods are otfen single use. E.g. Food, tissues, or are also used in a short period of time. E.g. Pen, pencil, glue stick, etc.
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Goods
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Goods are somethings people have to enjoy and use and are also durable and non-durable. E.g. Bike, T.V, chocolates, toys.
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Services
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Services is somethings people buy/hire to help them in life like everyday problems. E.g. Plumber, carpenter, stadium, cinemas, fitness centres, etc.
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