business economys

Question 1

what are the four factors of production

Answer 1

-land
-capital
-labour
-enterprise

Question 2

what is a centrally planned economy give an eg

Answer 2

• conrolled by the government
• individuals dont get involvement eg:north korea

Question 3

what is a mixed economy give eg

Answer 3

-mix of privately state-owned enterprises
-citezens establish own business
-government provides some services
eg:ireland

Question 4

what is a free enterprise give eg

Answer 4

-citezens have free decisions for production of goods and services
-companies free to operate
eg: USA

Question 5

give one positive and one negative about a centerally planned economy

Answer 5

pos-essential will be provided
neg-government controls all aspects of life

Question 6

give one positive and one negative about a mixed economy

Answer 6

pos-balance between economic efficiency and social welfare
neg-higher taxes cover public services

Question 7

give one positive and one negative about a free enterprise

Answer 7

pos-prices are low
neg-uneven distribution of wealth

Question 8

what is a public sector and eg

Answer 8

government runs the business eg:BORDBIA

Question 9

what is a private sector and eg

Answer 9

individuals set up their own business eg:mcdonalds