Resources Flashcards
How are scarce resources allocated
the price system,Rationing- Via vouchers ,Queuing system first in first served
What are Free goods
Goods so abundant that there is no price for them
What are economic goods
Scarce goods that are allocatet by price system or rationing or queuing
What happens if goods are really scarce
the price rises
What are the resources
Land labour capital entrepreneurship
Define land
Raw materials supplied by nature
Define labour
human resources or human effort
Define capital
man made resources to asset production
Define entrepreneurship
the person who takes the RISK of organising the other factors of production to achieve a profit from production
What are the names for resources
factors and production or inputs to production
What types of production are there
goods,services,
what type of goods are there
consumers goods ,capital goods ,
What type of consumer goods are there
durable goods and nondurable goods
Renewable resoures
Natural resources that will replenish in 100 years
Non-Renewable resoures
Natural recourses that will not replenish when used eg oil, coal , gold
the payment for land
rent $$
the payment for labour
wages $$
the payment for capital
interest $$
the payment for the entrepreneur
profit $$
what is a positive good
goods are beneficial to society
what is a negative good
goods are a cost to society
what is a producer
who makes good and services
what is a consumer
who buys or use the goods or services
what is interdependent
why you rely on some and they rely on you to get the needs and wants
What is indegendents
You rely on yourself for needs and wants. you do not rely on others
What is a subsistence econony
Everyone works Independently just to maintain their current livings standards. There is no surplus producerd
What is speciulisution
Individuals concentrating on one task improve productivity + efficiercy
What is division of labour
Breaking down the production process into small TASK
What is the division of labour by product
Breaking the labour to concentrate on I specific type of production
Farming
fishing
construction
What is the benefit of division of labour/ specialisation
more goods and services
Higher production + Efficiency
Higher quality
Greater surplus
What methods can producers use to increase surplus of production
Division of labour by product
Division of labour by process
mechanistion
What is a disadvantage of specialisation
You become interdependent
can be boring or repetitive
What is dependence
Where you are reliant on others for your needs and wants but they do not rely on your baby and mother
What can a surplus be used for saving and trading and more he sure
saving and trading and more he sure
