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Economics Year 10 > Resources > Flashcards

Resources Flashcards

1
Q

How are Scarce Resources allocated?

A

The Price System
Rationing - via vouchers
Queueing system - first in first serve

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2
Q

What are Free Goods?

A

Goods that 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 or Queueing.

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4
Q

What happens if Goods are extremely 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 supplied by nature (including wind and sun)

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7
Q

Define Labour

A

Human resources or 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 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 Resources?

A

Factors of production and 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 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 and wants

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15
Q

What is a Renewable Resource?

A

Natural resources that will replenish in 100 years

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16
Q

What is a Non-Renewable Resource?

A

Natural resources that will not replenish when used (gold, oil, coal)

17
Q

What are Positive and Negative goods?

A

Positive goods: Beneficial to our society (medicine)

Negative goods: Cost the society (polluting waters so we can’t drink it)

18
Q

What is Factor Rewards?

A

Each part of Factor Production’s (Land, Labour, Capital, Entrepreneurship) reward

19
Q

What is the difference between Goods and Services?

A

Goods are tangible whereas Services are intangible

20
Q

What is the payment for Land?

A

Rent $

21
Q

What is the payment for Labour?

A

Wages $

22
Q

What is the payment for Capital?

A

Interest $

23
Q

What is the payment for the Entrepreneur?

A

Profit $

24
Q

What is a Producer?

A

Someone who makes Goods and Services

25
Q

What is a Consumer?

A

Someone who pays for the Goods or Services created by the producer

26
Q

What is Interdependent?

A

When you rely on someone AND they rely on you to get the Needs and Wants.

27
Q

What is a Subsistence Economy?

A

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

28
Q

What is Independent?

A

You rely on yourself for Needs and Wants. You do not rely on others

29
Q

What is Specialisation?

A

When individuals concentrate on one certain task to improve productivity and efficiency.

30
Q

What is Division of Labour?

A

Breaking down the production process into small tasks.

31
Q

What is Division of Labour by product?

A

Breaking the labour to concentrate on one specific type of production:
Farming
Fishing
Construction

32
Q

What is the benefit of Division of Labour / Specialisation?

A

More Goods and Services
Higher production and efficiency
Higher Quality
Greater Surplus

33
Q

What methods can Producers use to increase Surplus of Production?

A

Division of Labour by Product
Division of Labour by Process
Mechanisation

34
Q

What is a disadvantage of Specialisation?

A

You become interdependent

It can become boring or repititive

35
Q

What is dependence?

A

Where you are reliant on other people for your Needs and Wants, but they do not rely on you

36
Q

What can a Surplus be used for?

A

Saving
Trading
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Economics Year 10 (8 decks)

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