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326: Needs and Wants
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. ..

327: Consumer goods
Satisfies people's WANTS directly -          Some are single-use that give immediate satisfaction e.g. food, cosmetics -      ..

328: Capital goods
Do not satisfy our NEEDS directly, but help in the production of other goods and services -          Capital goods are man-made -    &n..

329: Factors of Production
Economic Resource (input)                       |     Reward/Income of..

330: The Economic Problem
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..

331: Wealth
Social wealth -          Assets owned by the gov. for the benefit of the general public (e.g. schools, weapons, roads, hospitals, etc.) Private wealth -&nb..

332: Capital
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..

333: Depreciation, Investment, Gross investment, Net investment and Entrepreneur defined
Depreciation: when the value of an asset goes down with constant use, because of wearing/tearing Investment: the getting of more capital goods, an increase in number Gross investment: the value of the..

334: Economic System
Each society has 3 questions to answer (the basic economic questions):             What?          &n..

335: Command Economy
Under this system, planning committees are appointed and they provide the answers to the three basic economic questions             A most import..

336: Mixed Economy
No country is either a Command Economy or a Market Economy. They are all a mixed economy and have a joint sector so they include features of both the private sector (Market Economy) and the public s..

337: Public Sector
Public Sector: -          is owned and controlled by the government -          run along similar lines as a co..

338: Private Sector
Private Sector: -          is owned and controlled by private individuals or groups of private individuals -        ..

339: Market Definitions
Private cost: the cost for an individual to get a good or service Private benefit: the benefit of a good or service you bought Social benefit: the way the production of a good or its consumption affec..

340: Specialization
n some areas of the market, specialization would be a bad idea as it leads to mass production and the specific good or service does not have a mass market. Division of labour is mostly suited for indu..

341: Division of Labour
Advantages: -          More goods and services can be produced because workers become specialists in the jobs they do. Repeating the same operation or task..

342: Demand
Demand: -          What you want -          Ability to buy it because have purchasing power (money) - &nb..

343: The Demand Curve
The demand curve sloped downward from left to right. The slope is negative. The demand slope curves downward which shows that the lower the price, the more people buy OTHER THINGS REMAINING THE SAME. ..

344: Types of Goods affecting Demand
Substitute goods: goods that satisfy the same want, one good therefore can be used in place of another Complementary goods: jointly demanded goods (you need it to do something else e.g. you need a PEN..

345: Conditions or factors that influence supply
-          Number of firms in the industry ?         Firms make up an industry ?      ..

346: Movements Along the Supply curve
There are two types of movements: ?         Extension in supply ?         Contraction in supply   Extension of Supp..

347: Monopolies
Monopoly: It exists when there is a sole supplier of a good or service.   How monopolies are created   1.      By law: Government can grant monopoly powers to a fir..

348: Types of Firm
Unlimited liability: liability without limit. If the business faces financial crisis and is unable to pay creditors (debts), the business owner will stand to lose not only the money or capital investe..

349: Nationalisation and Privatization
Nationalisation: Describes the process of transferring industries from private ownership to public ownership. The state buys the companies in an industry by paying shareholders a price which approxima..

350: Stock Markets
Stock markets give a sense of security to the business   Gilt-edged securities: fixed-interest, long term loans to the government. It is paid after long periods of time Treasury bills: like gilt-..


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