Economics Revision Notes

Trade Union gets the following stuff for its workers: Better Pay Better Working conditions Demands for bonuses if the company makes profits Redundancy pay Protection from unfair dismissal click here for full revision note

Scarcity: limited resources required to satisfy our (human) wants. Resources are insufficient in supply   Choice: choose between different alternatives/possibilities   Opportunity cost: the click here for full revision note

Labour -          Capital -          Enterprise   Land: the land, all that is underneath, and all that click here for full revision note

The goods and services that we needs are things necessary for survival.   Goods and services that we WANT may bring pleasure but they are not necessary for us to survive. click here for full revision note

Satisfies people's WANTS directly -          Some are single-use that give immediate satisfaction e.g. food, cosmetics -       click here for full revision note

Do not satisfy our NEEDS directly, but help in the production of other goods and services -          Capital goods are man-made -    &n click here for full revision note

Economic Resource (input)                       |     Reward/Income of click here for full revision note

Unlimited consumer wants  are greater than  the quantity of FOP  available to produce goods and services  goods + services are scarce  consumers cannot satisfy all their wants click here for full revision note

Social wealth -          Assets owned by the gov. for the benefit of the general public (e.g. schools, weapons, roads, hospitals, etc.) Private wealth -&nb click here for full revision note

Fixed capital -          the amount of fixed capital will not change with the amount of output (i.e. a machine will not change if it produces more. One mac click here for full revision note