resources

Question 1

how are scarce resources allocated

Answer 1

• price system
• rationing - via vouchers
• queuing system- first in first served

Question 2

what are free goods

Answer 2

goods so abundant that there is no price for them

Question 3

what are economics goods

Answer 3

scarce goods that are all allocated by the price system, rationing or queuing

Question 4

what happens if goods are really scarce

Answer 4

the prices rises

Question 5

what are resources

Answer 5

land, labour, capitol, entrepreneurship

Question 6

define land

Answer 6

raw material supplied by nature

Question 7

define labour

Answer 7

human resources or human effort

Question 8

define capitail

Answer 8

tangible or infrastructure resources

Question 9

define entrepreneurship

Answer 9

the person who takes the risle of organising the other factors of production to achieve a profit from production

Question 10

what are other name for resouces

Answer 10

factors of production or inputs to production

Question 11

what types of production are there

Answer 11

goods and services

Question 12

what types of goods are there

Answer 12

consumer goods

capital goods

Question 13

what type of consumer goods are there

Answer 13

durable goods
non-durable goods
services

Question 14

define consumer goods

Answer 14

good to assist consumer satisfactions for needs or wants

Question 15

renewable resources ?

Answer 15

natural resources that will replenished in 100 years

Question 16

non-renewable resources

Answer 16

natural resources that will not replenish when used e.g. oil,coal,gold

Question 17

what is division of labour by product

Answer 17

breaking the labour to concentracte on 1 specfic type of production farming,fishing, construction

Question 18

what is specialisation ?

Answer 18

individuals concentrating on the task to improve productivity + efficiency

Question 19

what is division of labour

Answer 19

breaking down the production into smaller tasks

Question 20

what is the benefit of division of labour

Answer 20

more goods + servies
higher production + efficieny
higher quality
greater surplus

Question 21

what methods do producers use increase surplus of production

Answer 21

division of labour by production
process
mechanisation

Question 22

what a disadvantage of specialisation

Answer 22

you become interdependent (rely on other people and not self sufficient)
can boring

Question 23

what is dependent

Answer 23

where you are reliant on others for your needs + wants but they do not rely on you e.g. baby+mother

Question 24

what is interdependent

Answer 24

where you rely on someone and they rely on you to get their needs + wants

Question 25

what can a surplus be used for

Answer 25

saving
trading
more leisure