Economic Methodology and the Economic Problem (AQA A-Level Economics): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Economic resources
Economic resources
Inputs needed to produce goods & services; scarce vs demand
Production
Production
Process transforming inputs into outputs
Capital goods
Capital goods
Items used in production of other goods/services
Four factors of production
Four factors of production
Land, Labour, Capital, Enterprise
Land (factor of production)
Land (factor of production)
All natural resources
Capital (factor of production)
Capital (factor of production)
Manufactured goods used in production (physical, not money)
Enterprise (factor of production)
Enterprise (factor of production)
Coordinates & organises other three factors
Entrepreneurial profit formula
Entrepreneurial profit formula
Sales revenue - Total costs
Renewable resources
Renewable resources
Reproducible & perpetually maintainable resources
Non-renewable resources
Non-renewable resources
Cannot be regenerated or takes very long to regenerate