A level Economics Flashcards on Economics Cie, created by Nora Maganga on 14/12/2017.
|
Created by Nora Maganga
almost 7 years ago
|
|
Close
|
|
Created by Nora Maganga
almost 7 years ago
|
|
Goods
Services
Wants
Needs
Resources
Scarcity
If a good/service is scarce then...
Economic good
Free Good
Choice
Opportunity Cost
Do Free goods have O.C?
Do Economic goods have O.C
Utility
Total Utility
Marginal Utility
What is the basic economic problem
What are the factors of production
what is Land
What is Labour
Capital
Physical capital
Human Capital
What affects human capital
Entrepreneurship
What do Entrepreneurs do
Positive statements
Normative statements
consumption
Short run
Long run
specialisation
Market
Division of labour
Economic stucture
Economic system
Market economy
Command or planned economy
Mixed economy
Market mechanism
Production possibility curve
Reallocation of resources
Factor mobility
Economic growth
Capital consumption
Investment
Developing economy
Money
Near money
Liquidity
Liabilities
functions of money
Private good
Rivalry
Public good
Quasi-public good
Free rider
Merit good
Demerit good
Information failure
Paternalism
Adverse selection
Moral hazard
