Economics definition is - a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services how to use economics in a sentence a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. Here, you'll find everything you need to prepare for the changes to edexcel as and a level economics a from 2015 (first assessment 2016 and 2017) view our specifications and sample assessment materials, read about the key content and assessment changes, and find out about our launch events and the. Positive economics - the scientific or objective study of the allocation of resources positive statement - a statement which can be supported or refuted by evidence command or planned economy - an economic system where government, through a planning process, allocates resources in society. Interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets interest rates are typically noted on an annual basis, known as the. Investopedia defines a firm as a business organization, such as a corporation or a partnership, with different levels of legal protection however, the ludwig von mises institute states that a firm in economics plays an important role in markets regardless of its legal definition firms represent a.
Hint definition a transfer of firms from private sector ownership to state sector ownership: the lowest amount which it legal to pay an employee: private firms bidding to work for public sector. Welfare economics is a branch of economics that uses microeconomics techniques to evaluate well-being from allocation of productive factors as to desirability and economic efficiency within an economy, often relative to competitive general equilibrium. The total demand/spending in an economy at a given price level over a given period of time made up of consumption, investment, government spending and net external demand.
Macroeconomics, in its most basic sense, is the branch of economics that deals with the structure, performance, behavior and decision-making of the whole, or aggregate, economy, instead of. A process through which private sector spending and output is displaced by the growth of public sector spending and output this happens as high budget deficits push up bond yields and long term interest rates within an economy this deters private sector borrowing and investment. Revision:economics definitions curve which shows the maximum potential level of output of one good given a level of output for all other goods in the economy. The responsiveness of demand to a change in the price level subsidies payments made by the government to producers to encourage production of a good/service.
Geoff riley frsa has been teaching economics for thirty years he has over twenty years experience as head of economics at leading schools he writes extensively and is a contributor and presenter on cpd conferences in the uk and overseas. Definitions for edexcel economics unit 1 - competitive markets as level micro-economics by parissa8irani88kerma in edexcel economics unit 1 definitions competitive markets a. Learn 200 of ocr as economics definitions online for free words including both microeconomics (f581) and macroeconomics (f582) best learning course for the ocr exam, especially for those common 2-4 marker 'define' questions. Finally, the long awaited list of definitions for those international students who will be sitting for edexcel a-levels economics, unit 4: global economy in late june 2010. Economics essays and revision notes for macro, micro and development economics.
A list of economics definitions in a simple format, which link to more detailed content. Home a level and ib economics as microeconomics - definitions and notes as microeconomics - definitions and notes definitions of all key words and a summary in note form of the whole of unit 2 economics from edexcel. A competitive (macro) labour market in which employers and workers are free to negotiate market wages and conditions of work, in which worker are adaptable to the labour needs of firms and firms are adaptable to workers' needs. A public good has two characteristics: non-rivalry: this means that when a good is consumed, it doesn't reduce the amount available for others - eg benefiting from a street light doesn't reduce the light available for others but eating an apple would.
Inflation is basically a rise in prices a more exact definition of inflation is a situation of a sustained increase in the general price level in an economy inflation means an increase in the cost of living as the price of goods and services rise inflation and value of money inflation leads to a. Definitions in bold italic are the 'more important' ones and they are highly likely to be tested both in section a mcq and section b data response when i say that, i don't mean that the rests are unimportant. Economics (/ ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is the social science that studies the production, distribution, and consumption of goods and services economics focuses on the behaviour and interactions of economic agents and how economies work. Cambridge international as and a level economics (9708) through the cambridge international as and a level economics syllabus, learners study how to explain and analyse economic issues and arguments, evaluate economic information, and organise, present and communicate ideas and judgements clearly.