Economics - The study of how individuals, businesses, governments and other organisations in our society choose to make use of scarce resources in order to accommodate their numerous wants and needs, Needs - What we need to survive (necessities such as food, water and shelter), Wants - We can live without these items - they are luxury goods that result in pleasure, these are needed in order to produce goods and services, Trade-off - Choosing one goal or purpose of a resource over another, Demand - The desire of a consumer to purchase a certain quantity of a good or service at a specific price at a certain time, Supply - The willingness and ability that producers have to supply a certain quantity of a good or service at a specific price at a certain time, the point where demand and supply are equal (equilibrium), Production possibility - the possibility of producing goods and services with the available amount of resources, The rate at which prices increase over a given period of time (inflation), The growing interdependence of international economies (globalisation), Subsistence economies, Microeconomics - Focuses on individual decision-making behaviour in a market situation, Macroeconomics - studies the economy as a whole, Ceteris Paribus - all other things being equal,

Grade 10 Economics Module 1 Key Words

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