resources Flashcards
(25 cards)
how are scarce resources allocated
- 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 economics goods
scarce goods that are all allocated by the price system, rationing or queuing
what happens if goods are really scarce
the prices rises
what are resources
land, labour, capitol, entrepreneurship
define land
raw material supplied by nature
define labour
human resources or human effort
define capitail
tangible or infrastructure resources
define entrepreneurship
the person who takes the risle of organising the other factors of production to achieve a profit from production
what are other name for resouces
factors of production or inputs to production
what types of production are there
goods and services
what types of goods are there
consumer goods
capital goods
what type of consumer goods are there
durable goods
non-durable goods
services
define consumer goods
good to assist consumer satisfactions for needs or wants
renewable resources ?
natural resources that will replenished in 100 years
non-renewable resources
natural resources that will not replenish when used e.g. oil,coal,gold
what is division of labour by product
breaking the labour to concentracte on 1 specfic type of production farming,fishing, construction
what is specialisation ?
individuals concentrating on the task to improve productivity + efficiency
what is division of labour
breaking down the production into smaller tasks
what is the benefit of division of labour
more goods + servies
higher production + efficieny
higher quality
greater surplus
what methods do producers use increase surplus of production
division of labour by production
process
mechanisation
what a disadvantage of specialisation
you become interdependent (rely on other people and not self sufficient)
can boring
what is dependent
where you are reliant on others for your needs + wants but they do not rely on you e.g. baby+mother
what is interdependent
where you rely on someone and they rely on you to get their needs + wants
