iGCSE Economics - Section 1.1

things that are produced in order to be sold

having an end or limit

without limits

allocation of a nation's scarce resources between competing uses that represent infinite want

amount of resources when the supply is limited

cost of the next best alternative given up (when making a choice)

spending by a government, usually a national government

those purchased by firms and used to produce goods such as factory machinery, tools, and equipment

those purchased by households such as food, confectionary, cars, tablets, and furniture

line which shows the different combinations of two goods an economy can produce if all resources are used up

increase in the level of output by a nation

to increase something such as profit or income as much as possible

money that a business receives over a period of time, especially from selling goods or services

companies, organisations or businesses

activities involved with managing and organising the work of a company or organisation