Economics Key Terms

What is a Business?

• An organisation, enterprise or business engaged in the production and trade of goods and services, usually for profit.
• A person or a group that is the final user of goods and services produced within an economy
• The quantity of a good, or a service, that consumers are willing and able to purchase at a particular point in time. This demand may change over time and in response to economic conditions.
• A social science (study of human behaviour) that studies the decisions made by individuals, households, businesses, governments and other groups about how scarce resources are allocated in attempting to satisfy unlimited needs and wants.

What is a Consumer?

• A person or a group that is the final user of goods and services produced within an economy
• The quantity of a good, or a service, that consumers are willing and able to purchase at a particular point in time. This demand may change over time and in response to economic conditions.
• An organisation, enterprise or business engaged in the production and trade of goods and services, usually for profit.
• A social science (study of human behaviour) that studies the decisions made by individuals, households, businesses, governments and other groups about how scarce resources are allocated in attempting to satisfy unlimited needs and wants.

What is demand in economics?

• The quantity of a good, or a service, that consumers are willing and able to purchase at a particular point in time. This demand may change over time and in response to economic conditions.
• A person or a group that is the final user of goods and services produced within an economy
• An organisation, enterprise or business engaged in the production and trade of goods and services, usually for profit.
• A social science (study of human behaviour) that studies the decisions made by individuals, households, businesses, governments and other groups about how scarce resources are allocated in attempting to satisfy unlimited needs and wants.

What is Economics?

• A social science (study of human behaviour) that studies the decisions made by individuals, households, businesses, governments and other groups about how scarce resources are allocated in attempting to satisfy unlimited needs and wants.
• A person or a group that is the final user of goods and services produced within an economy
• The quantity of a good, or a service, that consumers are willing and able to purchase at a particular point in time. This demand may change over time and in response to economic conditions.
• An organisation, enterprise or business engaged in the production and trade of goods and services, usually for profit.

What is an Economy?

• All activities undertaken for the purpose of the production, distribution and consumption of goods and services in a region or country.
• The perceived fairness of the way scarce resources are used and the way the benefits of production are distributed.
• Tangible (physical) items that can be seen and touched and which satisfy individual and societal needs and wants
• The joint dependence between participants in the economy; that is, the reliance of consumers, workers, businesses and governments on each other. In modern economies, people tend to specialise in the production of a good or service, and trade that item for another which they could not provide or produce for themselves.

What is Equity?

• The perceived fairness of the way scarce resources are used and the way the benefits of production are distributed.
• Tangible (physical) items that can be seen and touched and which satisfy individual and societal needs and wants
• All activities undertaken for the purpose of the production, distribution and consumption of goods and services in a region or country.
• The joint dependence between participants in the economy; that is, the reliance of consumers, workers, businesses and governments on each other. In modern economies, people tend to specialise in the production of a good or service, and trade that item for another which they could not provide or produce for themselves.

What are Goods?

• Tangible (physical) items that can be seen and touched and which satisfy individual and societal needs and wants
• The perceived fairness of the way scarce resources are used and the way the benefits of production are distributed.
• All activities undertaken for the purpose of the production, distribution and consumption of goods and services in a region or country.
• The joint dependence between participants in the economy; that is, the reliance of consumers, workers, businesses and governments on each other. In modern economies, people tend to specialise in the production of a good or service, and trade that item for another which they could not provide or produce for themselves.

What is Interdependence?

• The joint dependence between participants in the economy; that is, the reliance of consumers, workers, businesses and governments on each other. In modern economies, people tend to specialise in the production of a good or service, and trade that item for another which they could not provide or produce for themselves.
• The perceived fairness of the way scarce resources are used and the way the benefits of production are distributed.
• Tangible (physical) items that can be seen and touched and which satisfy individual and societal needs and wants
• All activities undertaken for the purpose of the production, distribution and consumption of goods and services in a region or country.

What is a Market?

• The organised exchange of goods, services or resources between buyers and sellers.
• A good or service that consumers consider necessary to maintain their standard of living.
• What you have to forgo if you choose to do A rather than B. That is, the value of the next best alternative that is foregone whenever a choice is made.
• Describes the means by which the forces of demand and supply determine prices and the allocation of scarce resources between competing uses.

What are Needs?

• A good or service that consumers consider necessary to maintain their standard of living.
• The organised exchange of goods, services or resources between buyers and sellers.
• What you have to forgo if you choose to do A rather than B. That is, the value of the next best alternative that is foregone whenever a choice is made.
• Describes the means by which the forces of demand and supply determine prices and the allocation of scarce resources between competing uses.