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15
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What is the economic return for land?
Rent
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15
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What does capital include?
Machinery, vehicles, equipment, buildings, or money to run/start a business.
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15
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What is the economic return for enterprise?
Profit
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15
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What is a free economy also called?
A capitalist system or free enterprise system
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15
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What is economics?
The study of how individuals, organisations and governments make choices about limited resources.
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15
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Name the four factors of production.
Land, Labour, Capital, Enterprise.
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15
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Give an example of a controlled economy
North Korea
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15
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Name one type of economic system
Free / Controlled / Mixed economy.
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What is the economic return for capital?
Interest
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15
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What type of economic system does Ireland have?
Mixed economy
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15
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What is the basic economic problem? Hint: x is limited but Y is unlimited
Resources are limited but needs and wants are unlimited
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What is scarcity?
The gap between unlimited wants and limited resources.
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boom
Lose 50 points!
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magnet
Take 20 points!
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fairy
Take points!
5
10
15
20
25
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banana
Go to last place!
Oops!
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boom
Lose 50 points!
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star
Double points!
Okay!
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fairy
Take points!
5
10
15
20
25
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baam
Lose 10 points!
Oops!
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lifesaver
Give 25 points!
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rocket
Go to first place!
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shark
Other team loses 20 points!
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lifesaver
Give 10 points!
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15
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Give an example of labour.
Builders / factory workers / food scientists (any one).
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