Economics unit 1 OCR keywords Keywords Will update regularly 4.5 / 5 based on 2 ratings ? EconomicsThe Economic ProblemOpportunity CostKeywordsASOCR Created by: ? Secret - Team GRCreated on: 12-09-13 16:05 Goods Tangible (can touch) e.g. food, clothes 1 of 11 Services Intangible products produced by an economy e.g. banks, hair dressers 2 of 11 Factor Endowment Amount of factors of production, naturally available to an economy 3 of 11 Opportunity Cost The lost of potential gain, from other alternatives when one alternative is chosen 4 of 11 Finite Needs There are limited number of requirements individual needs in order to survive e.g. food, shelter, love, water 5 of 11 Infinite Wants The is a list of requirements an individual wants which is limitless regardless of situation 6 of 11 Micro - economic The study of how individuals (consumers), households and firms make decisions in the market e.g. shop is a micro-economic agent 7 of 11 Macro - economic How governments, countries and others make decision which affect the whole economy e,g, UN is a macro-economic agent 8 of 11 Specialistion When one person, business or country concentrates upon producing specific goods and services 9 of 11 Exchange When goods and services are traded between individuals, firms or economies 10 of 11 Division of Labour When the specialisation process is broken down into separate parts 11 of 11
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