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Economics Yr 10 > Resources > Flashcards

Resources Flashcards

1
Q

How are scarce resources allocated?

A

The Price System
Rationing - via Vouchers
Queuing, - 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 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 provided by nature.

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7
Q

Define Labor.

A

Human Resources, 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 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 types of goods are there?

A

Consumer goods and Capital Goods

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13
Q

What types of Consumer goods are there?

A

Durable goods and Non-Durable Goods.

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14
Q

Define Consumer goods.

A

Goods to assist consumer’s satisfaction for needs and wants.

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15
Q

What are Renewable resources?

A

Natural resources that will replenish in 100 years.

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16
Q

What are Non-Renewable Resources?

A

Natural Resources that will not replenish when they are used up.

17
Q

What is the payment for land?

A

Rent

18
Q

What is the payment for capital?

A

Interest

19
Q

What is the payment for labor?

A

Wages

20
Q

What is he payment for entrepreneur?

A

Profit

21
Q

What is a producer?

A

A person or company that produces goods and services.

22
Q

What is a consumer?

A

Someone that purchases anything.

23
Q

What is a positive good?

A

A good that is beneficial.

24
Q

What is a negative good?

A

A good that is harmful.

25
Q

What is interdependence?

A

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

26
Q

What is specialization?

A

Individuals concentrate on one task to improve productivity and efficiency.

27
Q

What is division of labor?

A

Breaking down the production process into smaller tasks.

28
Q

What is division of labor by product?

A

Breaking the labor to concentrate on 1 specific type of production.

29
Q

What is the benefit of the division of labour/specialization.

A

More goods and Services
Higher production and efficiency
Higher quality
Greater surplus

30
Q

What methods can producers use to increase surplus of production?

A

Division of labour by product.
Division of labour by process
Mechanization.

31
Q

What is a disadvantage of specialization.

A

You become interdependent.

It can be boring or repetitive.

32
Q

What is dependence?

A

You are reliant on other people for your needs and wants but they are not reliant on you.
E.g. Baby + Mother.

33
Q

What can surplus be used for?

A

Storage
Trading.
More Leisure.

Economics Yr 10 (7 decks)

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