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Lilly 3rd year > Business - Economics > Flashcards

Business - Economics Flashcards

1
Q

What is an economy?

A

A system of individuals, businesses, and governments that produces, sells, and buys goods and services.

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2
Q

What does economics study?

A

How groups in an economy make choices about allocating limited resources.

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3
Q

What is the basic economic problem?

A

The needs and wants are unlimited, but economic resources are limited.

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4
Q

What types of economies exist?

A

Market mixed controlled

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5
Q

What are economic resources?

A

Resources used to produce goods and services.

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6
Q

Define scarcity in economics.

A

The condition of having limited resources to meet unlimited wants.

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7
Q

List the components that make up an economy.

A
  • Individuals
  • Businesses
  • Governments
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8
Q

What are the four main factors of production?

A

Land, labor, capital, and entrepreneurship.

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9
Q

True or False: Land includes all natural resources used in the production process.

A

True.

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10
Q

Fill in the blank: _______ refers to the human effort used in the production of goods and services.

A

Labor.

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11
Q

Which factor of production involves the tools, machinery, and buildings used to produce goods?

A

Capital.

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12
Q

What is the role of entrepreneurship in the factors of production?

A

Entrepreneurship involves the vision and risk-taking necessary to combine the other factors of production to create goods and services.

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13
Q

Multiple Choice: Which of the following is NOT a factor of production? A) Land B) Money C) Labor D) Capital

A

B) Money.

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14
Q

True or False: Labor can be both physical and mental effort.

A

True.

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15
Q

What is meant by ‘opportunity cost’ in the context of production?

A

Opportunity cost refers to the value of the next best alternative that is forgone when a choice is made.

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16
Q

Fill in the blank: The _______ factor of production is often considered the most critical due to its role in innovation and business development.

A

Entrepreneurship.

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17
Q

What is one example of a natural resource that falls under the land factor of production?

A

Water, minerals, or timber.

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18
Q

Multiple Choice: Which type of capital is directly involved in the production process? A) Financial capital B) Human capital C) Physical capital D) Social capital

A

C) Physical capital.

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19
Q

True or False: All entrepreneurs are business owners.

A

False.

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20
Q

What does the term ‘human capital’ refer to?

A

Human capital refers to the skills, knowledge, and experience possessed by an individual or workforce.

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21
Q

What is the primary function of capital in production?

A

To facilitate the production of goods and services.

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22
Q

Multiple Choice: Which factor of production is most associated with risk-taking? A) Labor B) Land C) Capital D) Entrepreneurship

A

D) Entrepreneurship.

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23
Q

What is the relationship between factors of production and economic output?

A

The combination and efficiency of factors of production directly influence the quantity and quality of economic output.

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24
Q

What is a common challenge faced by entrepreneurs in utilizing factors of production?

A

Balancing the costs and availability of resources while managing risks.

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25
Q

What is one way that technology impacts the factors of production?

A

Technology can enhance productivity and efficiency of labor and capital.

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26
Q

What is the definition of economic system

A

An economic system describes how a country chooses to control is economic resources

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27
Q

What are the 3 main types of economies

A

Market economy

Mixed economy

Controlled economy

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28
Q

What is a free economy?

A

Anyone is free to make decisions about the productions of g & s

The market determines the distribution of economic resources

Government shouldn’t interfere with the market

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29
Q

What is a Controlled economy

A

The government has a total control over the production of g & s

Citizens cannot start up businesses

Believe private enterprise is not the best way to determine the distribution of resources

30
Q

What’s a mixed economy

A

The government and private business share the production of g & s

The government controls certain areas of the economy

31
Q

what is a economic system

A

is the methods countries use to distribute economic resources and trade goods and services

32
Q

Land definition and return

A

Anything that comes from nature, all natural resources and the economic return is rent

33
Q

labour definition and return

A

the workers available to help produce the goods and services, different workers have different skills and experiences the economic return is wages

34
Q

capital definitions and return

A

the man made resources to produce goods and services, including equipment, machines, buildings and money. The economic return is interest

35
Q

enterprise definition and return

A

the act of bringing together the other factors of production to produce goods and services. The economic return is profit

36
Q

name one example of a business

A

Keoghs crisps

37
Q

3 examples of public sectors

A

police
post office
bus service

38
Q

What is the irish economy like?

A

businesses create employment and pay tax + contribute to the local community
business compete with one another giving consumers choice and lower prices

39
Q

Public sectors definition

A

the part of the economy that is owned and controlled by the government

40
Q

private sector definition

A

businesses owned by individuals that produce sell goods and service with the aim of making a profit

41
Q

third sector definition

A

social enterprises and not for profit organisations such as charities and voluntary organisations

42
Q

Example and explanation of a state owned commercial

A

an post

these charge for their product and services

43
Q

Example and explanation of non-commercial state owned

A

these provide services free of charge that are seen necessary to develop the country

44
Q

explanation and example of a state owners private/public partnership

A

to provide important services and infrastructure

PPP

45
Q

market definition

A

A place where buyers and sellers connect with each other in order to trade or exchange goods and services

46
Q

final marker definition

A

A place where finished goods and services are bought and sold

47
Q

factor market definition

A

where the factors of production are bought and sold

48
Q

cammodities markets

A

where raw materials used in the production of goods and services are bought and sold eg wood

49
Q

demand definition

A

refers to the quantity of a product that buyers are willing to purchase at a given price

50
Q

effective demand definition

A

is a willingness to buy, backed up by an ability to pay

51
Q

Law of diminishing marginal utility

A

the benefit or satisfaction that a consumer receives from consuming a good or services decreases over time

52
Q

price definition

A

refers to the amount of money expected or paid for a product or sevevice

53
Q

demand schedule definition

A

shows the number of goods demanded by customers at different price levels

54
Q

Factors of affecting demand

A

fads and fashions -> change in consumer taste

advertising -> advertisement increased demand

season factor -> christmas decor will have high demand christmas time

55
Q

inferior goods definition

A

an inferior good is one for which there will be less when the buyers income rises

tesco brand

56
Q

supply definition

A

refers to the quantity of a product that producers are willing to sell at a given price

57
Q

factors of affecting supply

A

weather can impact supply of crops

when costs are low more goods will be supplied at all different price levels causing the supply curve to shift

if new suppliers enter through market total supply will increase /price falls

58
Q

supply curve

A

negative -> shift to the left

positive -> shifts to the right

59
Q

quota definition

A

is a limit on the number of goods made available, the supply has a legal limit e.g finishing quota

60
Q

VAT

A

value added tax

61
Q

PAYE

A

pay as you earn

62
Q

CAT

A

capital acquisitions tax

paid on gifts and inheritance

63
Q

CGT

A

profits earned from assets - house/investments

capital gains tax

64
Q

DIRT

A

Deposit interest retention tax
tax in saving

65
Q

VRT

A

Vehicle registration tax

once off registration tax

66
Q

stamp duty

A

charged on written documents or financial catds

67
Q

LPT

A

Local property tax

68
Q

PPSN

A

Personal public service number

69
Q

what is inflation

A

is a sustained increase in the general level of prices from one year to the next

70
Q

what’s the difference for the economy with high and low taxes

A

low taxes create inflation

high taxes create stable prices

71
Q

what is debt servicing

A

paying interest on national debt

72
Q

what is the corporate tax

A

12.5%

Lilly 3rd year (9 decks)

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