Things i need to go over/find hard

Question 1

What are the 4 types of resources

Answer 1

Personal, financial, physical and human

Question 2

What are personal resources and give an example/s

Answer 2

Skills that a person has that help them achieve a goal. EG: language, sports, reading and writing

Question 3

What are finacial resources and give examples

Answer 3

Helps you buy things and give you some independence
EG: savings, pocket money, grants and wages

Question 4

What are physical resources+ give an example

Answer 4

Things you own that meet your everyday needs. EG: clothes, school books, mobile phone and car

Question 5

What are human resources+ give an example

Answer 5

People in your life that help you
EG: teacher, doctor, family and friends

Question 6

What are the different stages of income in your life+ what ages are they

Answer 6

Dependence (0-18)
Independence (18-30)
Emerging (30-55)
Pre-retirement (55-66)
Retirement (66+)

Question 7

What is a cultural enterprise + give an example

Answer 7

A cultural enterprise is an enterprise set up to promote culture, heritage and the arts
EG: Electric Picnic festival

Question 8

What is a social enterprise + give an example

Answer 8

A buisness that puts the people/community first instead of private or personal
EG: Clann Credo

Question 9

What is clann credo

Answer 9

It provides loans to community organisations, charities, sport clubs etc.
EG: loan to build a creche

Question 10

What are the 4 factors of production?

Answer 10

land, Labour, Capital and enterprise

Question 11

What is land in the factors of production?
Give examples

Answer 11

Natural resources availible in a country that can be used to produce goods and services.
EG: Seas, rivers, lakes, forests and mines

Question 12

What is labour in the factors of production?
Give examples

Answer 12

People in a country availible to produces goods/services using their qualifications and skills they have
EG: Teachers, pilots and plumbers

Question 13

What is capital in the factors of production?
Give an example

Answer 13

Human made things that are availible to help in the production of goods and services
EG: Machinery, vehicles and buildings

Question 14

What is enterprise in the factors of production?

Answer 14

Using the other factors of production produce product or service at a profit

Question 15

What is a centrally planned economic system?

Answer 15

Government controls production and supply of all goods and services
Citizens have very little involvement
High tax Rates
Equal distribution of wealth
EG: Cuba, North Korea

Question 16

What is a free enterprise economic system?

Answer 16

People in a country are free to set up any legal buisness
Little interference from the governent
EG: USA

Question 17

What is a mixed economy economic system

Answer 17

Combination of centrally planned and free enterprise
free to set up a buisness with the law
Government will control some areas

Question 18

What are the 3 sectors of the economy?

Answer 18

puplic, private and voluntary

Question 19

Describe the public sector?
Give an example

Answer 19

Government provides services to people
Employees paid by the government work in the public sector
They are called public servants
EG: teachers and gardai

Question 20

Describe the private sector

Answer 20

The part of the economy that is made up of buisnesses that aowned by individual people
EG: Soliciter and plumber

Question 21

describe the voluntary sector

Answer 21

made up of charites, social and cultural enterprises
Also called the not for private sector