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eraser
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gift
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rocket
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thief
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25
15
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Give an example of a controlled economy
North Korea
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Give an example of land as a factor of production.
Forests / agricultural land / seas / minerals (any one).
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What is the economic return for capital?
Interest
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Who controls a controlled economy?
Government
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15
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Name one advantage of Irelandâs mixed economy.
Government can regulate prices / provide essential services / offer subsidies (any one).
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What is a free economy also called?
A capitalist system or free enterprise system
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banana
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seesaw
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gift
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thief
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15
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What is an economy?
A system that produces, buys, and sells goods and services
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What does capital include?
Machinery, vehicles, equipment, buildings, or money to run/start a business.
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What is opportunity cost?
The choice you give up when you choose another option.
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What type of economic system does Ireland have?
Mixed economy
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Name the four factors of production.
Land, Labour, Capital, Enterprise.
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What is the economic return for enterprise?
Profit
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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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boom
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seesaw
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shark
Other team loses 25 points!
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banana
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