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Year 10 Economics > Recources > Flashcards

Recources Flashcards

1
Q

How are scarce resources allocated?

A

The price system
Rationing-Via vouchers
Queuing system-First in first serve

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2
Q

What are free goods?

A

Goods are so abundant that there is no price.

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3
Q

What are economic goods?

A

Scarce goods that are allocated by the price system, rationing, and queuing

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4
Q

What happens if goods are really scarce.

A

The price rises.

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5
Q

What are the recources

A

Land
Labour
Capital
Entrepreneurship

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6
Q

Define Land

A

Raw materials supplied by nature.

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7
Q

Define Labour

A

Human recourses or human effort

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8
Q

Define capital

A

Man made recourses used to assist production

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9
Q

Define entrepreneurship

A

The person who takes the risk of organising the other factors of production to achieve a profit from production

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10
Q

What are other names for recources

A

Factors of production or inputs to production

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11
Q

What types of production are there?

A

Goods

Services

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12
Q

What types of goods are there?

A

Consumer Goods

Capital goods

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13
Q

What type of consumer goods are there?

A

Durable goods

Non-Durable goods

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14
Q

Define Consumer goods

A

Goods to assist consumers satisfaction for needs + wants

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15
Q

What are the two differences between needs + wants?

A

Needs are needed to sustain life where as wants are not. Needs are limited where as wants are unlimited.

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16
Q

Renewable Recourses?

A

Natural recources that will replenish in 100 years.

Oil, Gold, Coal

17
Q

What is a subsistence Economy?

A

Everybody works independently just to maintain their current living standards. There is no surplus produced.

18
Q

What is independent?

A

You rely on yourself for needs and wants and not on others.

19
Q

What is specialisation?

A

Individuals concentrating on one task to improve productivity and efficiency.

20
Q

What is division of labour?

A

Breaking down the production process into small tasks.

21
Q

What is division of labour by product?

A

Breaking the labour to concentrate on 1 specific type of production.

  • Farming
  • Fishing
  • Construction
22
Q

What is the benefit of division of labour/specialisation

A
  • More goods and services
  • Higher production and efficiency
  • Higher quality
  • Greater surplus
23
Q

What methods can producers use to increase surplus of production?

A
  • Division of labour by product
  • Division of labour by process
  • Mechanisation
24
Q

What is a disadvantage of specialisation

A
  • You become interdependent

- Can be boring or repetitive

25
Q

What is dependence?

A

Where you are reliant on others for your needs and wants, but they do not rely on you. e.g a baby and a mother.

26
Q

What is interdependant

A

When you rely on someone and they rely on you to get the needs and wants.

27
Q

What can a surplus be used for

A
  • Storage
  • Trading
  • More leisure

Year 10 Economics (8 decks)

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