Resources

Question 1

How are scarce resources allocated

Answer 1

Price system
Rationing
Queuing System-First in first serve

Question 2

What are free goods

Answer 2

Goods so abundant that there is no price.

Question 3

What are economic goods

Answer 3

Scarce goods that are allocated by the price system or rationing or queuing.

Question 4

What happens when goods are scarce

Answer 4

The price rises

Question 5

What are the resources

Answer 5

Land
Labour
Capital
Entrepreneurship

Question 6

Define Land

Answer 6

Raw materials supplies by nature

Question 7

Define Labour

Answer 7

Human effort

Question 8

Define Capital

Answer 8

Man made resources used to assist production

Question 9

Define Entrepreneurism

Answer 9

The person who takes the RISK of organizing the other factors of production to active a profit from production.

Question 10

Define Entrepreneurism

Answer 10

The person who takes the RISK of organizing the other factors of production to active a profit from production.

Question 11

What are other names for resources

Answer 11

Factors of production and Inputs to production

Question 12

What types of productions are there

Answer 12

Goods and services

Question 13

What type of consumer goods are there

Answer 13

Durable and non durable goods

Question 14

What type of consumer goods are there

Answer 14

Durabble and non durable goods

Question 15

Define Consumer goods

Answer 15

Goods to assist consumers satisfaction for needs and wants

Question 16

What are renewable resources

Answer 16

Natural resources/land that will replenish in 100 years

Question 17

what are non renewable resources

Answer 17

Natural resources that will not replenish when used like gold and coal

Question 18

What is the payment for land

Answer 18

Rent

Question 19

What is the payment for labour

Answer 19

Wages

Question 20

What is the payment for capital

Answer 20

Interest

Question 21

What is the payment for an entrepreneur

Answer 21

Profit

Question 22

What is a positive good

Answer 22

A good that is beneficial to society

Question 23

What is a negative good

Answer 23

A good that is not beneficial to society

Question 24

What is a producer

Answer 24

A person or business that supplies goods and/or services

Question 25

What is a consumer

Answer 25

A person who purchases goods and services

Question 26

What is specialiscation

Answer 26

Individuals concentrating on one task to improve productivity and efficienty

Question 27

What is inderpendant

Answer 27

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

Question 28

What is a subsistence economy

Answer 28

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

Question 29

What is Division of labour

Answer 29

Breaking down the production process into small tasks

Question 30

What is Division of labour by product

Answer 30

Breaking down the labour to concentrate on 1 specific type of production. Eg farming, fishing ect.

Question 31

What are benefits of division of labour

Answer 31

More goods and service Higher productivity and efficient Higher quality Greater surplus

Question 32

What methods can producers use to increase surplus of production

Answer 32

Division of labour by product Division of labour by process Mechanisation

Question 33

What is the a disadvantage of specialisation

Answer 33

You become interdependence and can be boring or repetitions.

Question 34

What is dependance

Answer 34

Where you are reliant on other people for your needs and wants but they are not reliant on you eg a baby

Question 35

What is interdependent

Answer 35

When you rely someone and they rely on you to get your needs and wants

Question 36

What is a surplus

Answer 36

Extra goods left over when requirements have been met an excess of production or supply.

Question 37

What can a surplus be used for

Answer 37

Saving for another time Trading More leisure