Level 1 Level 3
Level 2

Microeconomics Schedule A: Managing Scarce Resourc


18 words 0 ignored

Ready to learn       Ready to review

Ignore words

Check the boxes below to ignore/unignore words, then click save at the bottom. Ignored words will never appear in any learning session.

All None

Ignore?
economics
the study of how to allocate scarce resources in the most efficient way
economic problem
how to allocate scarce resources among alternative uses
Factors of production
The resource inputs that are available in an economy for the production of goods and services
Land
Natural resources in an economy.
Labour
The quantity and quality of human resources.
Capital
Man-made aids to production
entrepreneur
someone who bears the risks of the business and who organises production
entrepreneurship
the willingness of an entrepreneur to take risks and organise production
Want
Anything you would like irrespective of whether you have the resources to purchase it.
Scarcity
A situation where there are insufficient resources to meet all wants
Choice
the selection of appropriate alternatives
Opportunity cost
The cost of next best alternative which is foregone when a choice is made
Specialisation
The concentration by a worker or workers,firms, region or whole economy on a narrow range of goods and services
division of labour
the specialisation of labour where the production process is broken down into separate tasks
Production Possibility Curve
This shows the maximum quantities of different combinations of output of two products, given current resources and the state of technology
Market economy
An economic system whereby resources are allocated through the markets forces of demand and supply.
command economy
an economic system in which resources are state owned and also allocated centrally
mixed economy
An economy system in which resources are allocated through a mixture of the market and direct public sector involvement.