Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Year 10 Economics > Resources > Flashcards

Resources Flashcards

1
Q

What are Free Goods ?

A

Goods so abundant that there is no scarcity. They have no price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are Economic Goods ?

A

Scarce goods that have a price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How are Economic Goods Allocated ?

A

Price System ( 90 % )
Rationing - Vouchers
Queueing - First in First Served.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How do we know an economic good is very scarce ?

A

The price is very high.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the resources of an economy ?

A

Labour, Capital, Entrepreneurship, Land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define Land

A

Land are raw materials used in production and a gift of nature

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define Labour

A

It is a human effort in production of goods + services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define Capital

A

Man Made equipment used to produce goods+ services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define Entrepreneurship

A

The person(s) who take the risk of organising the other factors of production to achieve a profit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are other names for factors of production ?

A

Inputs

Resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Define Final Goods

A

Consumer goods available for consumption for needs + wants.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define Durable Consumer Goods

A

Consumer goods that last for a long time

  • car
  • houses
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define non-durable consumer goods

A

Consumer goods that are used up immediately

  • food
  • lollies
  • cigarettes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the types of production ?

A

Goods - Capital & Consumer

Services - Consumer & Business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are Renewable Resources ?

A

Replaced or Replenished within 100 years

- trees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are NON Renewable Resources ?

A

Raw materials that cannot be replaced or replenished.

  • Oil
  • Gold
  • Silver
17
Q

What are positive goods ?

A

Positive goods are beneficial to society, e.g fresh air, medicine.

18
Q

What are negative goods ?

A

Negative goods are a cost to society, e.g waste products that pollute rivers so the water cannot be used for drinking or water sports.

19
Q

What is the payment for land ?

A

The payment of land is Rent.

20
Q

What is the payment for capital ?

A

The payment for capital is Interest.

21
Q

What is the payment for labour ?

A

The payment for labour is Wages.

22
Q

What is the payment for entrepreneurship ?

A

The payment for entrepreneurship is Profit

23
Q

What is a Subsistance Society ?

A

Everybody is independently working to stay at the same point as before. No surplus.

24
Q

What is Independence ?

A

You rely on yourself and do not rely on others.

25
Q

What is Specialisation ?

A

Individuals concentrating on a specific task to become an expert at it.

26
Q

What s Division of Labour ?

A

Breaking down the production process into smaller tasks so a worker becomes a specialist.

27
Q

What is Division of Labour by Product ?

A

Individuals concentrating on producing a specific good or service.

28
Q

What is a benefit of specialisation ?

A

You gain more means - time

- skill. Higher quality goods + services more efficiently / faster. A surplus can be created for trading.

29
Q

What is Interdependence ?

A

A situation where you rely on others and they rely on you for success / survival.

30
Q

What is dependence ?

A

You rely on others and they do not rely on you e.g. Baby + Mother.

31
Q

What is a disadvantage of specialisation ?

A
  • Interdependence.
  • Boring - Repetitive.
  • Your skill may not be wanted in the future.
32
Q

What is division of labour by Process ?

A

Where individuals break down the production of a product or service into smaller tasks + specialise at that task.

33
Q

Advantages of Division of Labour by Process ?

A
  • More efficiency.
  • A bigger surplus than before.
  • More productivity.
  • Surpluses were now able to be traded Imports/Exports.
34
Q

What are the three major innovations to improve surpluses in economy ?

A
  • Mechanisation
  • Division of Labour by product
  • Division of Labour by process

Year 10 Economics (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions