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Year 10 Economics > Resources > Flashcards

Resources Flashcards

1
Q

How are scarce resources allocated

A

Price system
Rationing
Queuing System-First in first serve

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2
Q

What are free goods

A

Goods 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 or rationing or queuing.

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4
Q

What happens when goods are scarce

A

The price rises

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5
Q

What are the resources

A

Land
Labour
Capital
Entrepreneurship

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6
Q

Define Land

A

Raw materials supplies by nature

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7
Q

Define Labour

A

Human effort

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8
Q

Define Capital

A

Man made resources used to assist production

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9
Q

Define Entrepreneurism

A

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

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10
Q

Define Entrepreneurism

A

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

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11
Q

What are other names for resources

A

Factors of production and Inputs to production

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12
Q

What types of productions are there

A

Goods and services

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13
Q

What type of consumer goods are there

A

Durable and non durable goods

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14
Q

What type of consumer goods are there

A

Durabble and non durable goods

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15
Q

Define Consumer goods

A

Goods to assist consumers satisfaction for needs and wants

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16
Q

What are renewable resources

A

Natural resources/land that will replenish in 100 years

17
Q

what are non renewable resources

A

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

18
Q

What is the payment for land

A

Rent

19
Q

What is the payment for labour

A

Wages

20
Q

What is the payment for capital

A

Interest

21
Q

What is the payment for an entrepreneur

A

Profit

22
Q

What is a positive good

A

A good that is beneficial to society

23
Q

What is a negative good

A

A good that is not beneficial to society

24
Q

What is a producer

A

A person or business that supplies goods and/or services

25
Q

What is a consumer

A

A person who purchases goods and services

26
Q

What is specialiscation

A

Individuals concentrating on one task to improve productivity and efficienty

27
Q

What is inderpendant

A

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

28
Q

What is a subsistence economy

A

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

29
Q

What is Division of labour

A

Breaking down the production process into small tasks

30
Q

What is Division of labour by product

A

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

31
Q

What are benefits of division of labour

A

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

32
Q

What methods can producers use to increase surplus of production

A

Division of labour by product
Division of labour by process
Mechanisation

33
Q

What is the a disadvantage of specialisation

A

You become interdependence and can be boring or repetitions.

34
Q

What is dependance

A

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

35
Q

What is interdependent

A

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

36
Q

What is a surplus

A

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

37
Q

What can a surplus be used for

A

Saving for another time
Trading
More leisure

Year 10 Economics (7 decks)

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