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(Up to & including) Economic Resources
AQA and Edexcel A-Level
Terms in this set (23)
What are the 4 factors of production
Land, labour, capital and enterprise
What is land?
Natural physical inputs which are used up in production
What is labour?
The exertion (physical and mental) of workers
What is capital?
Used to make other goods which are not used up in production
What is enterprise?
Organiser of factors of production and taker of risk
What is the payment for land?
What is the payment for labour?
What is the payment for capital?
What is the payment for enterprise?
What is occupational mobility?
How well factors can switch from one job to another
What is geographic mobility?
How well factors can be moved around
What are renewable goods?
Resources that replenish over time
What are non-renewable goods?
Resources that do not replenish over time
What are consumer goods?
Goods which are consumed directly for their utility
What does 'scarcity' mean?
Where we have limited resources but infinite wants
What is the central purpose of economics activity?
To produce goods and services to fulfill our wants and needs
What are the 3 questions economics seeks to answer?
What to produce? How to produce it? Who should get it?
What do we call an economy where Government makes decisions on production and allocation?
Command Economy or Planned Economy
What do we call an economy where markets make decisions on production and allocation?
What do we call an economy where both markets and government make decisions on production and allocation?
What do consumers seek to maximise?
What do producers seek to maximise?
What do governmemts seek to maximise?
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