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Year 10 Economics > Resources > Flashcards

Flashcards in Resources Deck (29)
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1
Q

How are Scarce Resources allocated?

A

Price System,
Rationing-via vouchers,
Queuing System- First in First Served

2
Q

What are Free Goods?

A

They are goods so abundant that there is no price for them.

3
Q

What are Economic Goods?

A

They are goods that are allocated by the price, rationing or queuing systems.

4
Q

What happens if goods are really scarce?

A

This price rises.

5
Q

What are the Resources?

A

Land, Labour, Capital and Entrepreneurship

6
Q

Define Land?

A

Raw Materials supplied by nature.

7
Q

Define Labour?

A

Human resources or human labour

8
Q

Define Capital?

A

Man Made resources used to assist production of good and services.

9
Q

Define Entrepreneurship?

A

The person who takes the risk of organising the other factors of production to achieve a profit from profit

10
Q

What are other names for Resources?

A

Factors of production or inputs to production

11
Q

What type of Production are there?

A

Goods and Services

12
Q

What types of Goods are there?

A

Consumer Goods and Capital Goods

13
Q

What type of Consumer goods are there?

A

Durable Goods and Non Durable Goods

14
Q

Define Consumer Goods?

A

Goods to assist consumers satisfaction for needs and wants.

15
Q

What is the payment for Land?

A

Rent.

16
Q

What is the payment for Labour?

A

Wages.

17
Q

What is the payment for Capital

A

Interest.

18
Q

What is the payment of Entrepreneurship?

A

Profit.

19
Q

What is a Positive Good?

A

Positive goods are beneficial to society

20
Q

What is a Negative Good?

A

Negative goods are a cost to society

21
Q

What are Renewable Resources?

A

Natural resources that will replenish after 100 years

22
Q

What are Non-Renewable?

A

Natural resources that will bot replenish when used. e.g. coal, oil, gold

23
Q

What is a Subsistence Economy?

A

Everybody works independently just to maintain their current living standards. There is no surplus produced.

24
Q

What is Independent?

A

You rely on yourself for needs and wants. You do not rely on others.

25
Q

What Methods can producers use to increase surplus of production?

A
  • Division of Labour by product
  • Division of Labour by process
  • Mechanisation
26
Q

What is a Disadvantage of Specialisation?

A
  • You become interdependent

- Can be boring or repetitive

27
Q

What is Dependence?

A

Where you are reliant on others for your needs and wants. But they don’t rely on you.

28
Q

What is Interdependent?

A

Why you rely on someone and they rely on you to get the needs and wants.

29
Q

What can a surplus be used for?

A
  • Storage
  • Trading
  • More Leisure