Economics Unit 1 AOS 1

Equipment to manufacture and produce goods, including physical plant and machinery are know as

• Natural Resources

• Capital Resource

• Labour Resources

• Mineral Resources

This occurs when resources are used to produce goods and services by an economy. In the process this also affects inflation and unemployment rates in the economy

• Business activity

• Production activity

• Economic activity

• Employment activity

This looks at the factors that influence small parts of the overall economy, namely decisions affecting individuals, single firms or an industry

• Macro Economics

• Micro Economics

Economic statements about what should be done, based on personal opinion, values, likes and dislikes involve

• Normative Economics

• Positive Economics

The most common measure of the level of economic activity and represents the total value of finished goods and services produced by a country each year is known as

• Full production capacity

• Gross overseas exports

• Balance of trade

• Gross Domestic Product

Resources that involve intellectual talents and physical power are known as

• Land

• Natural

• Labour

• Capital

The study of big picture events and is concerned with levels of national spending, national production, national incomes and employment rates is known as

• Micro Economics

• Macro Economics

Economics that is based on hard evidence about what actually is the case, where evidence is used to verify results is known as

• Normative Economics

• Positive Economics

Goods that are essential for life are

• Wants

• Needs

This sector comprises all the people in the country

• Business

• Government

• Household

• Council