gcse economics - key terms
The examination board specifies that these terms should be clearly understood by candidates
EFFICIENCY
A measure of how well workers, businesses, government
or a country produce goods or services. This includes the consideration of
external / social costs
and benefits as well as the measurement of productivity by comparing outputs
with inputs
PROFITABILITY
A measure of business success through comparing profit made with
the amount sold or invested.
SUSTAINABILITY
A way of considering economic activities in terms of their impact
on future welfare and resources.
QUALITY OF LIFE
A measure of the standard of
living which considers non - financial factors.
EQUITY
A way of considering fairness in the distribution of income and wealth
and in the outcome of economic activities.
MARKET FAILURE
These are the problems that result from the economy being left
solely to the free market. There would be an absence of Government involvement
in the
economy.
These GCSE Economics revision notes have been kindly provided by Peter Davies of Mill Hill School, Ripley Keep Up-todate with your GCSE Economics - Subscribe Free to Economics in the News by Email
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