Flashcards : Year 10 Economics Fundamentals — 95 cartes

An inquiry into the nature and causes of the wealth of nations.

As the social science studying human behaviour between unlimited ends and scarce means.

Because resources are limited relative to insatiable human wants.

The value of the next best alternative forgone when a choice is made.

Real or true cost.

Needs are essential for living, while wants are desires people can live without.

A list of human wants arranged by relative importance.

Microeconomics studies individual units; macroeconomics studies large-scale economic factors.

Observation, hypothesis, data collection, organization, law formulation, testing, and prediction.

Methods, techniques, and instruments to study and interpret economic problems.

The middle or centre of a data set.

Mean = sum of values divided by number of values.

Mean = sum of frequency times value divided by sum of frequencies.

Through central government planning.

Through demand, willingness to pay, and the price mechanism.

Consumers’ needs, market demand, income, production cost, resources, and economy type.

The creation of goods and services and their distribution to final consumers.

Consumer goods are ready for use without further production.

Capital goods are man-made goods used to produce other goods and services.

Direct production creates goods and services for household requirements.

Indirect production uses specialization for exchange.

Primary extracts raw materials, secondary processes them, tertiary provides services.

Land, labour, capital, and the entrepreneur.

Interest.

The size of a firm’s productive capacity or operation.

Advantages from a firm’s own expansion.

Lower average cost.

Disadvantages of expansion that reduce efficiency or increase unit cost.

Weaker personnel relationships.

Cost advantages from industry or location growth.

Industry or location expansion beyond a firm’s control.

Congestion.

Private enterprises are individually owned and seek profit; public enterprises are government-owned and provide social services.

One owner.

A business owned, financed, and managed by one person with unlimited liability.

A profit-making business formed by 2 to 20 persons under a partnership deed.

General partners have unlimited liability; limited partners have limited liability except one with unlimited liability.

Debt is limited to the amount of share capital individually invested during liquidation.

Private limited companies have 2 to 50 shareholders and restrict share transfers; public limited companies have at least 7 shareholders, no maximum, and allow public subscription.

A voluntary self-help organization with democratic management and profit sharing based on patronage.

The quantity consumers are willing and able to buy at a given price, place, and time.

It causes a lower quantity demanded.

Higher prices may increase or leave demand unchanged in exceptional demand.

18 units are demanded at a price of 20.

A change in the commodity’s own price causes movement along the demand curve.

Changes in factors other than the commodity’s own price cause a shift in demand.

Consumer income and advertising affect demand besides commodity price.

Demand for goods that are needed together.

The quantity sellers are willing and able to offer at a specific price and time.

It causes a higher quantity supplied.

A change in the commodity’s own price.

Factors other than the commodity’s own price.

Cost of production, technology, and government policies.

When total quantity demanded equals total quantity supplied.

Excess Supply equals Supply minus Demand.

Government use of spending and taxation to influence economic activity.

International trade through tariffs, quotas, and trade agreements.

Managing a country's currency value relative to others by fixing or allowing fluctuation.

By fixing the currency or allowing it to fluctuate with market forces.

Strategies for controlling wages and prices to manage inflation.

Wage caps.

Price agreements.

Minimum-wage laws.

Maximum combinations of two goods or services an economy can produce with given resources and technology.

Productive efficiency.

Feasible but inefficient production.

Unattainable production with current resources and technology.

Because producing more of one good requires sacrificing some production of the other good.

Economic growth due to increased production capacity.

Efficiency of using inputs to produce outputs, measured as output per unit input over time.

Total product equals average product multiplied by quantity (TP = AP × Q).

The number of people living per unit of land area.

Population density equals total population divided by land area.

It rose from 59.7 to 65.6 years.

The difference between immigrants entering and emigrants leaving a country.

Population growth rate equals birth rate minus death rate plus net migration.

A government count of all people in a country at a specific time to collect demographic data.

De facto counts people physically present; de jure counts permanent residents regardless of presence.

Population grows geometrically while food production grows arithmetically, causing poverty and famine.

The market where workers supply labour and employers demand it for wages.

Employed and unemployed people willing and able to work and seeking jobs.

The ability and willingness of workers to move between jobs or locations.

Workers' ability to produce maximum output with minimum effort and resources.

The quantity of workers employers want to hire at different wages over time.

The total hours workers are willing and able to work at various wage rates.

It causes excess demand and tends to raise wages.

A wage is paid by time or output, a salary is a fixed regular payment.

The science, art, and practice of cultivating soil, growing crops, and raising animals.

Crop production, livestock farming, forestry, and fish farming.

Subsistence agriculture produces mainly for family use with little surplus, while commercial agriculture produces for market sale using modern technology.

Crop production and livestock rearing.

Manure is used as fertilizer.

Synthetic fertilizers and pesticides.

Natural processes, environmental health, economic profitability, and social equity.

Climate change, soil degradation, and water scarcity.