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Economics Year 10 > Resources > Flashcards

Resources Flashcards

1
Q

How are scarce Resources allocated?

A

Price System
Rationing - via vouchers
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 for them.

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3
Q

What are economic good?

A

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

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4
Q

What happens If goods are really scarce?

A

The price will rise.

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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.

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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 take the RISK of Organising the other factors of production to archive a profit from production.

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10
Q

What are the other names for resources?

A

Factors of production or inputs to production.

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11
Q

What type of goods are there?

A

Consumer Goods

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12
Q

What tyoes of production are there?

A

Goods

Services

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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 satissfaction for needs and wants

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15
Q

Renewable resources?

A

Natural resources that will replenish in 100 years

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16
Q

Non renewable resources?

A

Natural resources that will not replenish when used eg. oil, coal, gold.

17
Q

What is a subsistence economy?

A

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

18
Q

What is independent?

A

You rely on yourself for your needs and wants and do not rely 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 thr labour to concentrate on 1 specific type of production

Family
Fishing
Construction

22
Q

What is the benefit of division of labour?

A

More goods and services
Higher production + efficiency
Higher quality
greater surplus

Economics Year 10 (7 decks)

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