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Economics Year 10 > Resources > Flashcards

Resources Flashcards

1
Q

How are scarce resources allocated?

A

The price system, Rationing, Queuing system (First in first served)

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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, rationing or queuing.

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4
Q

What happens if goods are scarce?

A

The price rises.

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5
Q

What are the resources?

A

Land, Labor, Capital, Entrepreneurship

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6
Q

Define Land

A

Raw materials, supplied by nature, for the production of goods and services,

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7
Q

Define Labor

A

Human Resources/ Human Effort used for the production of goods and services

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8
Q

Define Capital

A

Man- made resources used to assist the production of goods and services

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9
Q

Define Entrepreneurship

A

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

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10
Q

What are other names for resources?

A

Factors of production or Inputs to production.

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11
Q

What types of production are there?

A

Goods and services

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12
Q

What type of goods are there?

A

Consumer goods, Capital goods

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13
Q

What types of consumer goods are there?

A

Durable goods, Non- durable goods

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14
Q

What are renewable resources?

A

Natural resources that will replenish in 100 years

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15
Q

What are non-renewable resources

A

Natural resources that will not replenish, e.g. oil gold and coal

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16
Q

What/who are producers

A

Producers are people/companies that provide our goods and services

17
Q

What is the payment for land?

A

Rent

18
Q

What is the payment for labor?

A

Wages

19
Q

What is the payment for capital?

A

Interest (Money)

20
Q

What is the payment for entrepreneurship?

A

Profit

21
Q

What are goods?

A

Objects with a physical presence.

22
Q

What is a positive good?

A

A good that is beneficial to society e.g. medicine.

23
Q

What is a negative good?

A

A good that is harmful/ a cost to society e.g. pollutants

24
Q

What is interdependence?

A

When people depend on each other for their needs and wants.

25
Q

What are consumers?

A

People/ companies that buy goods.

26
Q

What is a subsistence economy?

A

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

27
Q

What is independent?

A

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

28
Q

What is specialization?

A

Individuals concentrating on one task to improve productivity and efficiency.

29
Q

What is division of Labor?

A

Breaking down the production process into small tasks.

30
Q

What is division of labor by product?

A

Breaking the labor to concentrate on 1 specific type of production e.g.
Farming
Fishing
Construction

31
Q

What is the benefit of division of labor/ specialization?

A
  • More Goods and services.
  • -Higher production & efficiency.
  • –Better quality
  • —Greater surplus
32
Q

What methods can producers use to increase surplus and production.

A

Division of labor by product
Division of labor by process
Mechanisation

33
Q

what is a disadvantage of specialisation

A

it can be boring or repetitive

you become interdependent

34
Q

What is dependence?

A

When you are reliant on others for your needs and wants but they do not rely on you.

35
Q

What is dependence?

A

When you are reliant on others for your needs and wants but they do not rely on you.

36
Q

what is dependance

A

where you are reliant on others for your needs and wants

37
Q

What can a surplus be used for?

A

Saving, Trading, More Leisure

Economics Year 10 (8 decks)

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