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Chapter 28 - Introduction to economics

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