Summary

Summary As-Level Economics Revision Flashcards chapter 1-5

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Module
Unit 1 - Basic economic ideas

Institution
CIE

Use these revision flashcards to ensure you have all the important materials in your long term memory. It contains : - All As level Key terms - All As-level Graphs - All As level formulas - Guide on how to use the revision flashcards Hope this helps you , Good luck.

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Summarized whole book? No
Which chapters are summarized? Chapter 1 to 5
Uploaded on June 20, 2021
Number of pages 85
Written in 2020/2021
Type Summary

Fundamental
FUNDAMENTAL Economic Problem
ECONOMIC PROBLEM
Scarce resources relative
to unlimited wants.

1 By JayIlda As Flashcards

, Resources
RESOURCES Inputs available for
production of goods &
services.

2 By JayIlda As Flashcards

, Wants
WANTS Needs that aren’t always
met.

w8h
4v9

3 By JayIlda As Flashcards

, Scarcity
SCARCITY Occurs when needs &
wants are in excess of
currently available
resources.

4 By JayIlda As Flashcards

, Opportunity Cost
OPPORTUNITY
COST Is the forgone benefit
that would have been
derived by an option not
chosen.

5 By JayIlda As Flashcards

, Factors of Production

FOP Anything that is useful in the
production of goods and
ser vices.
May be classified as follows:

Land – The natural
resources in an economy.

Labour - The human
resources available in an
economy.

Capital– A man-made aid to
production.

Entrepreneur - Organises

6
production and is willing to
take risks.

By JayIlda As Flashcards

, Forecasting

FORECASTING The act of making informed estimates
of future trends.

T y p e s o f F o r e c a st:

• St atiscal F o r ecast - Based on
s i m p le / c o m p le x d e d uc t i o n t e c h n i que s .

• R a n g e o f f o r e c a s t – In vo lvi n g m o d e ls o f
e c o n o m y w i t h c o m p le x i n t e r r e la t i o n s h i p s .

• I n t ui t io n F o r e c a s t - B a s e d o n i n t ui t i o n o r
g ue s s w o r k , t h e r e ’s n o us e o f s t a t i s t i c s .

F u r th e r C l a ssif i ca ti on o f F o r e c a sts

• Short Rang e <3 m o n t h s .

• M e d i um R a n g e 3 mo n t h s – 3 ye a r s .

• Long R ang e >3 ye a r s .

7 By JayIlda As Flashcards

, Capital consumption
INVESTMENT Capital required to
replace that which is
worn out.

Investment

Creation of capital
goods.

8 By JayIlda As Flashcards

, DIVISION Division of Labour

OF LABOUR When a manufacturing
process is split into a
sequence of individual
tasks

9 By JayIlda As Flashcards

, Specialisation
SPECIALISATION Process by which
individuals , firms and
economies concentrate on
producing goods and
ser vices where they have a
Absolute⁶⁰ or Comparative⁶¹
Advantage over others.

10
1 By JayIlda As Flashcards

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Summary As-Level Economics Revision Flashcards chapter 1-5

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