Economics Revision (Meatbag edition) 5.0 / 5 based on 1 rating ? EconomicsEconomicsGCSEAll boards Created by: redmundCreated on: 06-06-17 09:27 Factors of production Factors of production are the inputs available to supply goods and services in an economy. 1 of 10 Basic Economic Problem Infinite wants, Finite Resources 2 of 10 Globalisation Increasing Economic Integration between national, local or global markets 3 of 10 WPIDEC Weaker pound, imports dearer, exports cheaper 4 of 10 SPICED Stronger pound, imports cheaper, exports dearer 5 of 10 Allocation of resources Rationing, Signalling, Incentive 6 of 10 Rationing when there is a shortage of a product, but lots of demand, price will rise and deter some consumers from buying the product 7 of 10 Incentive prices act as an incentive for buyers and sellers 8 of 10 Signalling changes in price provides information to both producers and consumers about changes in market conditions 9 of 10 Who is Redmund A Teenage Meatbag Slurry Skuller 10 of 10
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