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ECONOMICS (Economic indicators: (Inflation-the increase in the level of…
ECONOMICS
Economic indicators:
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Economic growth- an increase in the amount of goods and services produced in an economy from one year to the next
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Factors of production are the economic resources needed to produce goods and services. There are four:
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Profit(enterprise)-a person having an idea and taking a personal and financial risk in setting up a business
Economic system is the method used by which countries distribute economic resources and trade goods and services. There are 3 types:
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Sectors of the economy:
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Local government, national government and state-owned business
How people, businesses and government with limited resources, make choices in order to satisfy their needs
Economic resources are factors or inputs that help produce and distribute goods and services Eg. money
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Economy is the way in which goods and services are made, sold and used in a country or area.
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A mixed economy: free market and centrally planned systems, It shares production of goods and services between governments and private individuals. Eg Ireland
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