Economics revision 0.0 / 5 ? EconomicsrevisionGCSEAll boards Created by: Freyaw113Created on: 07-06-16 17:46 Costs Refer to the expenses and drawbacks of a particular choice. 1 of 11 Benefits Refer to the advantages of a particular choice. 2 of 11 Scarcity Resources are limited compared to needs and wants. 3 of 11 Choice Deciding between different options because our resources are limited. 4 of 11 Resources The land, labour, capital and enterprise used to produce goods and services. 5 of 11 Economics The study of how we use and allocate resources. 6 of 11 Scarce resources Those that are in short supply. 7 of 11 Plentiful resources Are those that are easily avalible and often free. 8 of 11 Oppurtunity cost Something given up when making a choice, is the cost of one activity in terms of the next best alternative foregone. 9 of 11 Complements Are items brought together(eg. cars and petrol) 10 of 11 Substitutes Buy one or the other(e.g train or bus) 11 of 11
Comments
No comments have yet been made