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Lilly 3rd year > Business - Economics > Flashcards

Business - Economics Flashcards

(72 cards)

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1
Q

What is an economy?

A

A system of individuals, businesses, and governments that produces, sells, and buys goods and services.

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2
Q

What does economics study?

A

How groups in an economy make choices about allocating limited resources.

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3
Q

What is the basic economic problem?

A

The needs and wants are unlimited, but economic resources are limited.

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4
Q

What types of economies exist?

A

Market mixed controlled

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5
Q

What are economic resources?

A

Resources used to produce goods and services.

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6
Q

Define scarcity in economics.

A

The condition of having limited resources to meet unlimited wants.

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7
Q

List the components that make up an economy.

A
  • Individuals
  • Businesses
  • Governments
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8
Q

What are the four main factors of production?

A

Land, labor, capital, and entrepreneurship.

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9
Q

True or False: Land includes all natural resources used in the production process.

A

True.

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10
Q

Fill in the blank: _______ refers to the human effort used in the production of goods and services.

A

Labor.

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11
Q

Which factor of production involves the tools, machinery, and buildings used to produce goods?

A

Capital.

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12
Q

What is the role of entrepreneurship in the factors of production?

A

Entrepreneurship involves the vision and risk-taking necessary to combine the other factors of production to create goods and services.

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13
Q

Multiple Choice: Which of the following is NOT a factor of production? A) Land B) Money C) Labor D) Capital

A

B) Money.

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14
Q

True or False: Labor can be both physical and mental effort.

A

True.

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15
Q

What is meant by ‘opportunity cost’ in the context of production?

A

Opportunity cost refers to the value of the next best alternative that is forgone when a choice is made.

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16
Q

Fill in the blank: The _______ factor of production is often considered the most critical due to its role in innovation and business development.

A

Entrepreneurship.

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17
Q

What is one example of a natural resource that falls under the land factor of production?

A

Water, minerals, or timber.

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18
Q

Multiple Choice: Which type of capital is directly involved in the production process? A) Financial capital B) Human capital C) Physical capital D) Social capital

A

C) Physical capital.

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19
Q

True or False: All entrepreneurs are business owners.

A

False.

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20
Q

What does the term ‘human capital’ refer to?

A

Human capital refers to the skills, knowledge, and experience possessed by an individual or workforce.

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21
Q

What is the primary function of capital in production?

A

To facilitate the production of goods and services.

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22
Q

Multiple Choice: Which factor of production is most associated with risk-taking? A) Labor B) Land C) Capital D) Entrepreneurship

A

D) Entrepreneurship.

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23
Q

What is the relationship between factors of production and economic output?

A

The combination and efficiency of factors of production directly influence the quantity and quality of economic output.

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24
Q

What is a common challenge faced by entrepreneurs in utilizing factors of production?

A

Balancing the costs and availability of resources while managing risks.

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25
What is one way that technology impacts the factors of production?
Technology can enhance productivity and efficiency of labor and capital.
26
What is the definition of economic system
An economic system describes how a country chooses to control is economic resources
27
What are the 3 main types of economies
Market economy Mixed economy Controlled economy
28
What is a free economy?
Anyone is free to make decisions about the productions of g & s The market determines the distribution of economic resources Government shouldn’t interfere with the market
29
What is a Controlled economy
The government has a total control over the production of g & s Citizens cannot start up businesses Believe private enterprise is not the best way to determine the distribution of resources
30
What’s a mixed economy
The government and private business share the production of g & s The government controls certain areas of the economy
31
what is a economic system
is the methods countries use to distribute economic resources and trade goods and services
32
Land definition and return
Anything that comes from nature, all natural resources and the economic return is rent
33
labour definition and return
the workers available to help produce the goods and services, different workers have different skills and experiences the economic return is wages
34
capital definitions and return
the man made resources to produce goods and services, including equipment, machines, buildings and money. The economic return is interest
35
enterprise definition and return
the act of bringing together the other factors of production to produce goods and services. The economic return is profit
36
name one example of a business
Keoghs crisps
37
3 examples of public sectors
police post office bus service
38
What is the irish economy like?
businesses create employment and pay tax + contribute to the local community business compete with one another giving consumers choice and lower prices
39
Public sectors definition
the part of the economy that is owned and controlled by the government
40
private sector definition
businesses owned by individuals that produce sell goods and service with the aim of making a profit
41
third sector definition
social enterprises and not for profit organisations such as charities and voluntary organisations
42
Example and explanation of a state owned commercial
an post these charge for their product and services
43
Example and explanation of non-commercial state owned
these provide services free of charge that are seen necessary to develop the country
44
explanation and example of a state owners private/public partnership
to provide important services and infrastructure PPP
45
market definition
A place where buyers and sellers connect with each other in order to trade or exchange goods and services
46
final marker definition
A place where finished goods and services are bought and sold
47
factor market definition
where the factors of production are bought and sold
48
cammodities markets
where raw materials used in the production of goods and services are bought and sold eg wood
49
demand definition
refers to the quantity of a product that buyers are willing to purchase at a given price
50
effective demand definition
is a willingness to buy, backed up by an ability to pay
51
Law of diminishing marginal utility
the benefit or satisfaction that a consumer receives from consuming a good or services decreases over time
52
price definition
refers to the amount of money expected or paid for a product or sevevice
53
demand schedule definition
shows the number of goods demanded by customers at different price levels
54
Factors of affecting demand
fads and fashions -> change in consumer taste advertising -> advertisement increased demand season factor -> christmas decor will have high demand christmas time
55
inferior goods definition
an inferior good is one for which there will be less when the buyers income rises tesco brand
56
supply definition
refers to the quantity of a product that producers are willing to sell at a given price
57
factors of affecting supply
weather can impact supply of crops when costs are low more goods will be supplied at all different price levels causing the supply curve to shift if new suppliers enter through market total supply will increase /price falls
58
supply curve
negative -> shift to the left positive -> shifts to the right
59
quota definition
is a limit on the number of goods made available, the supply has a legal limit e.g finishing quota
60
VAT
value added tax
61
PAYE
pay as you earn
62
CAT
capital acquisitions tax paid on gifts and inheritance
63
CGT
profits earned from assets - house/investments capital gains tax
64
DIRT
Deposit interest retention tax tax in saving
65
VRT
Vehicle registration tax once off registration tax
66
stamp duty
charged on written documents or financial catds
67
LPT
Local property tax
68
PPSN
Personal public service number
69
what is inflation
is a sustained increase in the general level of prices from one year to the next
70
what’s the difference for the economy with high and low taxes
low taxes create inflation high taxes create stable prices
71
what is debt servicing
paying interest on national debt
72
what is the corporate tax
12.5%

Lilly 3rd year (13 decks)

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