Erstellt von jennifer.hemmings
vor etwa 9 Jahre
|
||
Frage | Antworten |
Economics | The study of how people with limited income choose to spend their money. |
Resources | Items used by society to make money |
Factors of Production | Are the elements needed to produce goods and services. C.E.l.l (Capital, Enterprise,Land,Labour) |
Land | Anything provided by nature. Rivers,soil, forests etc. |
Labour | The people who work in the factories, offices and on the land |
Capital | Finance invested in a business - used to buy premises and equipment |
The Factor's Yeilding | Land - Rent Labour - Wages Capital - Interest Enterprise - profit |
Economic System | The way the country uses their factors of reproduction |
Free Enterprise Economy | Decisions on how to manage and use resources and what goods to produce are made by individual businesses eg. USA |
Centrally Planned Economy | All decisions on what goods and services are produced, and resources usage are made by the government eg. China |
Mixed Economy | It's a mixture of Free Enterprise economy and centrally planned economy. Both government and individual businesses make decisions on production of goods and services |
GNP - Gross National Product GDP - Gross Domestic Product | Total amount of goods and services produced in a country during the year |
Economic Growth | Is the increase of the amount of goods and services produced in a country from year to year |
The advantages of economic growth | 1. Increase in standard living 2. Increase in employment |
Disadvantages of economic growth | Traffic congestion because people are able to afford cars Prices of properties increase |
Inflation | An increase in prices in a country from one year to the next |
CPI - Consumer Price Index | The list of goods and services that people buy on a regular basis and prices are monitored. The changes of prices are used to calculate the rate of inflation |
Inflation disadvantages | Irish goods and services will become very expensive and people will choose to import cheaper goods Workers will want higher wages |
Möchten Sie mit GoConqr kostenlos Ihre eigenen Karteikarten erstellen? Mehr erfahren.