Distribution Of Economic Resources Flashcards
What is an economy
A E i t w i w g a s a m, s o u i a c o a
An economy is the way in which goods and services are made, sold or
used in a country or area.
What is the aim of an economy
T m a o a e i t m t b u o t L r a t t
The main aim of an economy is to make the best use of the limited
resources available to them
What is an economic system
A e s i t m b w a c s e r a b a s g a s
An economic system is the method by which a country shares economic
resources and buys and sells goods and services
What are the 3 types of economic systems
- Centrally Planned Economy e.g Cuba
- Free Market Economy e.g USA
- Mixed Economy e.g Ireland
An economic system deals with
- S o s r
- P o g a s
- D o g a s
- T r o g a n-g s o t e
- Sharing of scarce resources
- Production of goods and services
- Distribution (giving out) of goods and services
- The role of government and non-government sectors of the economy
What is a Centrally planned economy
A centrally planned economy is one where the government makes all the
decisions about how the economic resources of the country are used.
● All businesses are owned and run by the government and the people of the
country are not involved in business ownership.
● Communism is the most extreme example of a centrally planned economy
● Cuba is an example of a centrally planned economy
What is a free market economy
A free market economy is one where private citizens control resources,
own businesses and make all the decisions about how goods and services
will be produced
● The government has little involvement in how the economic resources of
the country are used
● The United States of America is an example of a free economy
What is a mixed economy
A m e i o w b t g a p c h c o t e r
A mixed economy is one where both the government and private citizens
have control over the economic resources
● The government control essential services for the people of the country
like education and health
● Private individuals and businesses also produce goods and provide
services to the citizens of the country
● Ireland is an example of a mixed economy
What is a public sector
T p s i t p o t e t i o a c b t g
The public sector is the part of the economy that is owned and controlled
by the government
● This sector provides essential services to the public e.g health, education
The public sector is split into what 3 sections
- Local government: provide a range of public services to a local area
- National government: government departments that provide a range of
services to the country as a whole - State-owned organisations: businesses set up by the government. They
can be commercial (a business that charges money for their product or
service) or non-commercial (a business that provides services free of
charge)
What is a national government
G d h t d e r b p a r o s
Government departments help to distribute economic resources by providing a range of services.
Department of Health offers what
Hospitals, treatment, surgeries, healthcare
Department of Education and Skills offers what
Education and training, schools, state examinations
Department of Agriculture, Food and the Marine offers what (national government departments)
S a, f, f a f
Support services to agriculture, fisheries, food and forestry
Department of Culture, Heritage and the Gaeltacht offers what (national government department)
R f t p a p o i h a c a, a t u o i L a s a d o t i
Responsible for the protection and presentation of Ireland’s heritage and cultural assets, advancing the use of the Irish language and supporting the development of the islands
