Economics

Question 1

What are the factors of production

Answer 1

Land
Labour
Capital
Enterprise

Question 2

What are the economic returns

Answer 2

Land-rent
Labour-wages
Enterprise- profit
Capital- interest

Question 3

What is a free economy + give an example

Answer 3

This is when everyone is free to produce goods or provide services as long as it is legal. The main concern is the production of wealth.
example USA. 

Question 4

What is a controlled economy + give an example

Answer 4

This is when the government has total control over the production of goods and services.
Example North Korea

Question 5

What is a mixed economy

Answer 5

This is when the government and private business share the production of goods and services. Anyone is free to set up a business.

Question 6

Name the 6 key indicators that affect our economy

Answer 6

Inflation
Employment rates
Interest rates
National income
Economic growth
National debt

Question 7

What are the advantages of setting up a business in Ireland

Answer 7

1. Anyone can set up any kind of business
2. Low corporation tax
3. Goods can be exported to the EU