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Economics - 1st

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  • What is a service? Definition
    work that someone does for someone else
  • What does SCARCE mean
    limited, very little
  • What is a natural resource? Definition
    resource from nature
  • Give an example of a service
    differs
  • Does a producer make or buy?
    makes
  • What is the different between a good and a service
    Goods are things you can touch, services are actions people do
  • What is a human resource? Definition
    resources coming from humans, labor and skills from humans
  • What is a market economy
    It is based on individuals making decisions
  • Give an example of human resources
    fast food worker, teacher, police
  • Give an example of a natural resource
    tree, oil, water, air
  • What is one thing that Ireland needs
    minerals, natural gas, oil
  • What is one thing the Bahamas are good at making
    salt, timber
  • Who makes decisions in a mixed economy?
    People AND government
  • In a command economy, who makes decisions?
    the government
  • Give an example of a good?
    differs
  • What is one thing Tanzania is good at making?
    coffee, tea, gold
  • What is a capital resource? Definition
    tools and equipment
  • Where is Ireland located
    Europe
  • What is a traditional economy?
    It is based on customs and traditions
  • What is a good? Definition
    things made or grown, things you can touch or take with you
  • What do people have to do when things are scarce?
    make choices, trade-off
  • What is the opposite of scarce?
    available, unlimited
  • Give an example of a capital resource for a construction worker
    hammer, screwdriver, nails, etc
  • Does a consumer make or buy
    buy
  • What is one thing the Bahamas need
    water, land
  • Where is the Bahamas located
    Atlantic ocean, Carribean
  • What does Tanzania need?
    water and land
  • Why do people make trade-offs?
    resources are limited/scarce
  • What is one thing that India is good at making
    milk, juice, wheat
  • Where is India located?
    Asia
  • Where is Tanzania located?
    Africa
  • What is one thing that India needs?
    oil, wood
  • What is an entrepreneur
    someone starting a business
  • What is one thing Ireland is good at making
    potatoes, barley, copper, zinc
  • Give a capital resource for a teacher
    scissors, pen, pencil, etc
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