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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.

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2
Q

What are economic goods?

A

Scarce goods that have a price.

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3
Q

How are economic goods allocated?

A

Price system (90%)
Rationing- vouchers
Queuing- first in first served

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4
Q

How do we know an economic good is very scarce?

A

The price is very high.

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5
Q

What are the resources of an economy?

A

Land
labour
Capital
Entrepreneurship

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6
Q

Define land.

A

Raw materials used in production and a gift of nature.

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7
Q

Define labour.

A

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

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8
Q

Define capital.

A

Man made equipment used to produce goods + services.

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9
Q

define entrepreneurship.

A

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

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10
Q

What are the other name for factors of production?

A

Inputs

Resources

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11
Q

Define final goods.

A

Consumer goods available for consumption for needs + wants.

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12
Q

Define durable consumer goods.

A

Consumer goods that last for a long time.

  • car
  • house
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13
Q

Define non-durable consumer goods.

A

Consumer goods that are used up immediately

  • food
  • cigarettes
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14
Q

What are the types of production?

A

Goods- Capital & Consumer

Services- Business & Consumer

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15
Q

What are renewable resources?

A

Replaced or replenished within 100 years

-trees

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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.

18
Q

What are negative goods?

A

Negatives are a cost to society. E.g waste products that pollute the rivers so the water cannot be used for drinking.

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 subsistence society?

A

Everybody is independent
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 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 on producing a specific good or service.

28
Q

What is a benefit of specialisation?

A
  • Gain more means
  • time
  • skill
  • Higher quality goods +services more effectively/faster
  • A surplus can be created for trading
29
Q

What is interdependence?

A

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

30
Q

What is dependence?

A

You rely on others and they do not rely on you

eg mother + baby

31
Q

What is a disadvantage of specialisation?

A
  • Interdependence
  • Boring- Repetitive
  • Your skill may NOT be wanted in 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 us the three innovations to improve surpluses in economy?

A
  • Mechanisation
  • Division of labour by product
  • division of labour by process
35
Q

Economic scarcity

A

It is the condition of limited resources/means relative to our wants that are unlimited.

Year 10 Economics (8 decks)

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