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
|
tutor2u is the leading global publisher of e-learning resources for Economics, Business, Politics, Enterprise, Law, Sociology, Religious Studies and related subjects. Our materials are used by over 3,500 schools and colleges in the UK and in educational institutions in over 85 other countries. tutor2u offers a range of free and subscription-based materials - designed to support teachers and inspire students. The business also runs a popular series of student revision workshops and teacher conferences. tutor2u was named Online Learning Resource of the Year at the prestigious BETT Show - the World's leading educational show.
|
Privacy & terms of Use |
Contact us |
Teacher Newsletters & Subject Blogs |
