Distribution Of Economic Resources

Question 1

Economy

Answer 1

The way in which goods and services are made, sold or used in a country or area. The aim of an economy is to make the best use of the limited resources available to them.

Question 2

Centrally planned economy

Answer 2

~ the government makes all the decisions about how the economic resources of the country are used
~ businesses owned by the government and people don’t get a say
~ Cuba is an example

Question 3

Free market economy

Answer 3

Private citizens control resources, own business and make all decisions about goods and services produced
~ government has little involvement in how resources are used
~ USA is an example

Question 4

Mixed economy

Answer 4

Both the government and private citizens have control over economic resources
~ government control essential services e.g. Education and health
~ private individuals and businesses produce goods and services to the country
Ireland is an example

Question 5

Public sector

Answer 5

~ part of economy owned by the government

~this sector provides essential services to public e.g. Health and education

Question 6

Public sector is split into 3

Answer 6

Local government
National government
State owned

Question 7

Pou Luc secteur

LOCAL GOVERNMENT

Answer 7

Provide a range of public services to a local area e.g. Fingal County Council

Question 8

Public sector

NATIONAL GOVERNMENT

Answer 8

Government departments that provide a range of services to a country as a whole e.g. Department of defence and department of health

Question 9

Public sector

STATE OWNED

Answer 9

Businesses set up 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 FOR FREE OF CHARGE ) e.g. Failte Ireland, Tourism, Bord Bia

Question 10

Private sector

Answer 10

The private sector refers to business owned by individuals that produce and sell goods and services with the aim of making a profit E.g. Ryanair, Penny’s

Question 11

Third sector

Answer 11

The third sector of the Irish economy is made up of social enterprises and organisations that do not aimmyo make a profit E.g. Charities

Question 12

Charities

Answer 12

Charities are set up to benefit others by raising money through various activities like collecting, fundraising events and charity shops