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Cómo estudiar sus tarjetas
Teclas de Derecha/Izquierda: Navegar entre tarjetas.tecla derechatecla izquierda
Teclas Arriba/Abajo: Colvea la carta entre frente y dorso.tecla abajotecla arriba
Tecla H: Muestra pista (3er lado).tecla h
Tecla N: Lea el texto en voz.tecla n
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11 Cartas en este set
- Frente
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NEEDS
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Goods or services ESSENTIAL FOR LIVING
--> LIMITED |
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WANTS
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Goods or services which PEOPLE WOULD LIKE TO HAVE
--> UNLIMITED |
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Basic Economic Problem
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We have UNLIMITED WANTS and LIMITED RESOURCES.
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Factors of Production (FOP)
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LAND: Raw Materials
LABOUR: People available to make products CAPITAL: Machinery and equipment needed ENTERPRISE: The skills and risk-taking ability of the person who bring the other FOP together. |
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Scarcity
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Lack of sufficient products to fulfill the total wants of the population.
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Specialisation
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ADVANTAGES: More efficient, bigger output, less time wasted.
DISADVANTAGES: Problem when absent worker, less efficiency because of bored workers |
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Purpose of business activities
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To combine the FOP to make products or services which satisfy people's wants.
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Added value
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Added value = Selling price - Cost of materials
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Revenue
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Revenue = Price x Quantity
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Profits
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Profits = Revenue - Total Costs
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Opportunity Cost
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When you have to chose an option, thus not choosing all the others.
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