gcse economics - key terms
The examination board specifies that these terms should be clearly understood by candidates
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
A measure of business success through comparing profit made with the amount sold or invested.
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.
A way of considering fairness in the distribution of income and wealth and in the outcome of economic activities.
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
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