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It explains capital goods, consumer goods, entrepreneurship, human capital, investment, specialisation and division of labour. It further defines money, mixed, capitalist and command economies, laissez faire, demand and supply, and market structure. It concludes with national income concepts such as GDP, economic growth, real versus nominal growth, inflation and related disinflation/deflation, plus unemployment, income, wealth, recessions, booms, and fiscal policy.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/economics-introductory-vocabulary-for-a-level-and-igcse/409556/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/economics-introductory-vocabulary-for-a-level-and-igcse/409556.png","ImageObject",300,407,{"name":92,"@type":93},"นรินทร์","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-02","2026-09-28",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",13,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What does “scarcity” mean in economics?","Question",{"text":113,"@type":114},"Scarcity is the situation where wants for a product (or factor of production) exceed the available amount, meaning demand exceeds supply at a zero price.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"What is the difference between real growth and nominal growth?",{"text":118,"@type":114},"Real growth is GDP growth after inflation is accounted for (constant prices), while nominal growth is GDP growth before inflation is accounted for (current prices).",{"name":120,"@type":111,"acceptedAnswer":121},"How are unemployment and wealth defined?",{"text":122,"@type":114},"Unemployment is the number of working-age people seeking work who do not have a paid job. 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There are four types: Land, Labour, Capital and Enterprise |\n| Capital Goods | Man-made aids to production |\n| Consumer Goods | Goods that are used by households |\n| Enterprise/Entrepreneurship | The risk-taking role undertaken by owners of a business as they combine other factors of production in the pursuit of profit |\n| Human Capital | The ability of workers to add value to production |\n| Investment | Spending by firms on new capital stock or repair of existing stock (per period) |\n| Specialisation | Where a factor of production is devoted to a specific job in the production process |\n| Division of Labour | Where labour specialises in the performance of a particular part of the production process |\n| Money | Whatever is generally acceptable in exchange for goods and services or labour |\n| Mixed Economy | Where resource allocation is undertaken by state planning and market forces, depending on the product |\n| Capitalist (Free Market) Economy | Where markets determine resource allocation with minimal state intervention |\n| Command\u003Cbr>Economy | Where resources are allocated according to centralised state planning |\n| Laissez Faire | Where government does not interfere with the functioning of markets |\n| Demand | The quantity of a good consumers are willing and able to buy at a given price per period |\n| Supply | The quantity of a good producers are willing and able to sell at a given price per period |\n| Market | Institution where buyers are in contact with sellers to arrange sale of goods |\n| Gross Domestic Product | The value of output produced by domestic based resources per year |\n| Economic Growth | Rate of increase in national output per year |\n| Real Growth | Growth of GDP after inflation has been accounted for (i.e. at constant prices) |\n| Nominal Growth | Growth of GDP before inflation has been accounted for (i.e. at current prices) |\n| Inflation | The rate of change in the average price level |\n| Disinflation | Falling (but positive) inflation |\n| Deflation | Situation of persistent negative inflation |\n| Unemployment | The number of people of working age who are seeking work yet do not have a paid job |\n| Income | Money earned over a period of time |\n| Wealth | The value of an individual's assets at a point in time |\n| Recession | Declining real GDP for two successive quarters (six months) |\n| Boom | a period in which real national output grows relatively fast (say 5% +, for 2-3 years), but which brings about high inflation |\n| Fiscal Policy | Manipulation of government spending and taxation to achieve\u003Cbr>macroeconomic goals |","cbCailQvcPLqnnzD","https://ap.wps.com/l/cbCailQvcPLqnnzD","pdf",44480,"English","# Key economic terms\n## Scarcity and production\n## Markets and economic systems\n## Macroeconomic indicators and policy","[{\"question\":\"What does “scarcity” mean in economics?\",\"answer\":\"Scarcity is the situation where wants for a product (or factor of production) exceed the available amount, meaning demand exceeds supply at a zero price.\"},{\"question\":\"What is the difference between real growth and nominal growth?\",\"answer\":\"Real growth is GDP growth after inflation is accounted for (constant prices), while nominal growth is GDP growth before inflation is accounted for (current prices).\"},{\"question\":\"How are unemployment and wealth defined?\",\"answer\":\"Unemployment is the number of working-age people seeking work who do not have a paid job. Wealth is the value of an individual’s assets at a specific point in time.\"}]","Economics Introductory Vocabulary for A-Level and IGCSE | PDF",1790582571]