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
  1. Price System (90%)
  2. Rationing- Vouchers
  3. Queuing- First in, First Serve
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How do we know and Economic Good is very scarce?

A

The price of the Economic Good 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
  1. Labour
  2. Capital
  3. Entrepreneurship
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define Land

A

Raw materials used in productions 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

A human effort in production of goods and 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 and services.

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

Define Entrepreneurship

A

The persons who take the RISKS 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
  1. Inputs

2. 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 need and wants.

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

Define Durable Goods

A

They are consumer goods that last for a long time, for example, car or a house.

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

Define non-durable Goods

A

Consumer goods that are used up immediately e.g food, lollypops.

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

What are the types of production?

A

There are Capital and Consumer Goods and business and consumer services.

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

What are Renewable Resources?

A

They are replaced or replenished within 100 years e.g trees, humans

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 e.g oil, gold and 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

You are paying rent for your land.

20
Q

What is the payment for capital?

A

You are paying interest.

21
Q

What is the payment for labour?

A

Your are paying wages.

22
Q

What is the payment for entrepreneurship?

A

You are paying profit.

23
Q

What is a subisitence society?

A

Everybody is independent. Working to stay at the same point as before. There is 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.

26
Q

What is 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 a producing a specific good or services.

28
Q

What is a benefit of specialisation?

A
  1. Gain more means. More time and skill
  2. Higher Quality goods and services more efficiently/faster
  3. 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

It is where you rely on others while they don’t rely on you.

31
Q

What is a disadvantages of specialisation?

A
  1. Interdependence
  2. Boring- repetitive
  3. Your skill may not be wanted
32
Q

What is division of labour by process?

A

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

33
Q

What are the advantages of division of labour by process?

A
  1. More Efficiency
  2. A bigger surplus than before.
  3. More productivity
  4. Surpluses are now able to be traded. Imports/Exports
34
Q

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

A
  1. Mechanisation
  2. Division of Labour by product
  3. Division of Labour by Process

Year 10 Economics (9 decks)

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