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Chapter 28 - Introduction to economics
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Name one way individuals distribute economic resources.
Provide labour / pay taxes / sell land / set up businesses (any one).
Name one advantage of Ireland’s mixed economy.
Government can regulate prices / provide essential services / offer subsidies (any one).
What type of economic system does Ireland have?
Mixed economy
Give an example of a controlled economy
North Korea
Who controls a controlled economy?
Government
What is a free economy also called?
A capitalist system or free enterprise system
Name one type of economic system
Free / Controlled / Mixed economy.
What is opportunity cost?
The choice you give up when you choose another option.
What is scarcity?
The gap between unlimited wants and limited resources.
What is the basic economic problem? Hint: x is limited but Y is unlimited
Resources are limited but needs and wants are unlimited
What does capital include?
Machinery, vehicles, equipment, buildings, or money to run/start a business.
Give an example of labour.
Builders / factory workers / food scientists (any one).
Give an example of land as a factor of production.
Forests / agricultural land / seas / minerals (any one).
What is the economic return for enterprise?
Profit
What is the economic return for capital?
Interest
What is the economic return for labour?
Wages
What is the economic return for land?
Rent
Name the four factors of production.
Land, Labour, Capital, Enterprise.
What is economics?
The study of how individuals, organisations and governments make choices about limited resources.
What is an economy?
A system that produces, buys, and sells goods and services
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