Year 10 Week 1 Review

Food, water, shelter, clothing

S

The highest value of next best alternative forgone. What you have to forgo if you choose to A rather than B. 

S + T + M < I + G + X 

How to satisfy unlimited wants and needs with limited (or scarce) resources. 

Leakages from the Overseas Sector

The effort people contribute (physical and mental) to the production of goods and services

What would cause an inward shift in the PPF

The study of the economy as a whole

Not a sector of the economy

Labour input that involves the management and organisation of the other factors of production for a profit

The study of individual markets or sectors in the economy

Equilibrium is achieved when...

A market which deals with the buying and selling of final goods and services 

A graph showing the maximum attainable combinations of two products that may be produced with the available resources.

Buying goods and services

I + G + X

The return households receive for Land

What is not an assumption of the Production Possibility Frontier

A simplified view of real and money flows between economic sectors in an economy