Igcse Economics

goods/materials that are used for the production of other items. Not consumed in their own right.

Using up goods/services

goods that are wanted because they provide satisfaction to their owner

goods that are perceived to have a negative impact/effect on society/individuals

Total value of goods & services produced & exchanged within a country.

risk taking & decision making in business

land, labour, capital, enterprise

capital goods that do not need replacing in the short term (machinery, tools, buildings)

goods that require no resources to make (wind, sunshine).

items produced by the factors of production (usually for economic gain).

the human effort (mental & physical) required to produce something.

the land we use/build on & resources that are contained in the land and water.

an economy that has no government intervention in the allocation of resources & distribution of goods/services

goods that are perceived to provide positive externalities (beneficial to society)

requirements for continued existence (food, clean water, shelter)

the cost of the next best alternative.

a graph that shows all of the different combinations of output that can be produced given current resources and technology.

good provided by the government (paid for through taxes) that everybody benefits from (street lighting).

items that are needed/ useful for consumption or the production of other items.

limited availability of resources (ones that will run out eventually), not enough to satisfy all the wants.

something that fulfils a need, often not a physical object (banking, teachers, policemen).

the desires that people have that are not necessary for their existence/ luxuries.

capital products that are used up in the production process (raw materials).

goods that are purchased to support/go with another product (petrol & cars).

movement along the demand curve to the left (higher price & lower quantity demanded).

movement along the supply curve to the left (lower price & lower quantity supplied).

want/willingness to buy a product.

consumption of additional units of a product provide less utility (satisfaction) each time.

the financial ability to actually purchase the product.

the responsiveness of quantity supplied or demanded in relation to changes in price/income/other products.

the point at which the supply and demand curves cross/intersect

quantity demanded is greater than the quantity supplied at a given price.

quantity supplied is greater than quantity demanded at a given price.

a movement along the demand curve to the right (lower price & higher quantity demanded).

a movement along the supply curve to the right (higher price & higher quantity supplied).

costs of production that have to be paid by someone other than the firm/individual (cleaning up pollution).

benefit of production to others outside the firm/individual (1st aid training for employees)

the amount a single person would be willing to buy at a range of prices.

goods that consumers demand less of as incomes increase due to them opting to buy higher quality alternatives.

the additional satisfaction gained from the consumption of an extra unit of a product.

total demand for a product

a % change in price results in greater % change in quantity demanded.

a % change in price results in smaller % change in quantity demanded.

a % change in price results in greater % change in quantity supplied.

a % change in price results in smaller % change in quantity supplied.

the costs that the company/individual has to pay for production (labour, raw materials).

the benefits to the company/individual of production (profits).

private costs + external costs

private benefits + external benefits

goods that can be used as a substitute/alternative for a product (butter & margarine).

the number of goods/services firms are able & willing to supply at a range of prices.

% change in price results equal % change in quantity demanded or supplied.

the satisfaction gained from consuming a product.

system of trade through swapping items.

notes, coins and debit cards.

the government's bank, responsible for issuing money, setting interest rates.

Instant access account, see current account.

High St bank (HSBC etc) offering a range of accounts to individuals and businesses.

electronic payment card that allows users to make purchases with borrowed money that can be paid at a later date.

instant access account used for routine/regular transactions.

electronic payment card linked to current/checking account that has the funds to make the transaction.

the money available after paying taxes that you can choose how to use.

the ability for and item/asset to be exchanged for cash with no loss of value.

commodity that is universally accepted for as payment for all goods and services.

the sum of the notes, coins and deposits in banks & financial institution.

payment based on quantity produced (fruit picking etc)

Annual payment total that is paid monthly.

Working on specific stage/stages of production in the aim of increasing productivity & lowering costs.

organisation that facilitates the buying and selling of shares in Public & Private Limited Companies.

organisation of workers that negotiate wages, working conditions & hours. Collective bargaining.

hourly rate for labour, often calculated weekly.

collection of assets (houses, land, shares in companies, money saved in bank accounts).