Resources

Question 1

What are free goods

Answer 1

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

Question 2

What are economic goods

Answer 2

they are scare goods that have a price.

Question 3

how are economic goods allocated

Answer 3

The price (90%)
A voucher Rationing
Queuing - first in first serve

Question 4

How do we now an economic good is scare

Answer 4

the price is high

Question 5

what are the resources of an economy

Answer 5

Labour, capital, land, entrepreneurship

Question 6

Define land this one

Answer 6

Raw materials used in production of a gift of nature

Question 7

define labour this one

Answer 7

It is human effort in production of goods and services.

Question 8

define capital this one

Answer 8

man made equipment used to produce goods and services.

Question 9

Define Entrepreneurship this one

Answer 9

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

Question 10

What are other names for factors of production.?

Answer 10

Inputs

Rescorces

Question 11

What are our final goods?

Answer 11

Consumer goods available for consumption for needs and wants.

Question 12

Define durable consumer goods?

Answer 12

consumer goods that last for a long time e.g car house

Question 13

Define non-durable consume?

Answer 13

consumer goods that are used up immediately eg foods and drinks.

Question 14

What are the types of productions are there?

Answer 14

Goods-capitol
-consumers
Services -business
- consumer

Question 15

What are renewable recourses? this one

Answer 15

Replaced or replenished within a 100 years

Question 16

What are non renewable resources?

Answer 16

Raw materials that cannot be replaced or replenished e.g oil gold silver

Question 17

What are positive goods?

Answer 17

beneficial to society e.g fresh air,medicine

Question 18

What are negative goods?

Answer 18

cost to society e.g waste products that pollute rivers.

Question 19

What is the payment for land? this one

Answer 19

Rent

Question 20

What is the payment for labour? this one

Answer 20

wages

Question 21

What is the payment for capital? this one

Answer 21

interset

Question 22

What is the payment for Entrepreneurship? this one

Answer 22

profit

Question 23

WhaT is a subsistence society?

Answer 23

Everybody is independent, working to stay at the same point as before
;;No surplus

Question 24

What is independence?

Answer 24

You rely on yourself and do not rely on others.

Question 25

What is specialisation?

Answer 25

Individuals concentrating on a specific task

Question 26

What is division of labour?

Answer 26

breaking down the production process into smaller TASKS so a worker becomes a SPECIALISATION.

Question 27

What is division of labour by product?

Answer 27

Individuals concentrating on producing a specific good or service

Question 28

What is a benefit of specialisation?

Answer 28

You gain more means, time and skill. Higher quality goods and services and more efficiently. A surplus can be created through training.

Question 29

What is a dependence?

Answer 29

You rely on others and they don't rely on you e.g baby and mother.

Question 30

what is Interdependence?

Answer 30

A situation where you rely on others + they rely on you for success.

Question 31

What is a disadvantage of specification?

Answer 31

- Interdependence - Boring - Your skill may not be wanted in future.

Question 32

What is division of labour by process?

Answer 32

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

Question 33

Advantages of division of labour by process?

Answer 33

- more efficiency - a bigger surplus then before - more productivity - surpluses were now able to be traded Imports/Exports

Question 34

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

Answer 34

- Mechanisation - Division of labour by product - Division of labour by process