E12

Question 1

Labour

Answer 1

Human input into the production process

Question 2

Human capital

Answer 2

Skills and qualifications a person has.

More human capital, more productive

Question 3

Enterprise

Answer 3

Having ideas and taking risks in a business

Question 4

Investment

Answer 4

Spending on capital

Question 5

Capital

Answer 5

Goods used to produce other goods and services e.g machinery and equipments

Question 6

Economy

Answer 6

Social organisation abo what, how and for whom to produce are made

Question 7

Social organisation

Answer 7

A group of people who interact with each other and the rest of the world

Question 8

Market economy

Answer 8

(Capitalist economy)

Resources are all allocated by force of demand and supply

Question 9

Planned economy

Answer 9

( command economy)

All resources allocates by government and controls prices and incomes

Question 10

Mixed economy

Answer 10

Government allocates some resources and some firms allocate resources due to the force of demand and supply

Question 11

Transition economy

Answer 11

Planned economies becomes mixed economies

Question 12

Competitive market

Answer 12

Lots of buyers and sellers in the market