Resources

Question 1

How are scarce resources allocated

Answer 1

the price system,Rationing- Via vouchers ,Queuing system first in first served

Question 2

What are Free goods

Answer 2

Goods so abundant that there is no price for them

Question 3

What are economic goods

Answer 3

Scarce goods that are allocatet by price system or rationing or queuing

Question 4

What happens if goods are really scarce

Answer 4

the price rises

Question 5

What are the resources

Answer 5

Land labour capital entrepreneurship

Question 6

Define land

Answer 6

Raw materials supplied by nature

Question 7

Define labour

Answer 7

human resources or human effort

Question 8

Define capital

Answer 8

man made resources to asset production

Question 9

Define entrepreneurship

Answer 9

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

Question 10

What are the names for resources

Answer 10

factors and production or inputs to production

Question 11

What types of production are there

Answer 11

goods,services,

Question 12

what type of goods are there

Answer 12

consumers goods ,capital goods ,

Question 13

What type of consumer goods are there

Answer 13

durable goods and nondurable goods

Question 14

Renewable resoures

Answer 14

Natural resources that will replenish in 100 years

Question 15

Non-Renewable resoures

Answer 15

Natural recourses that will not replenish when used eg oil, coal , gold

Question 16

the payment for land

Answer 16

rent $$

Question 17

the payment for labour

Answer 17

wages $$

Question 18

the payment for capital

Answer 18

interest $$

Question 19

the payment for the entrepreneur

Answer 19

profit $$

Question 20

what is a positive good

Answer 20

goods are beneficial to society

Question 21

what is a negative good

Answer 21

goods are a cost to society

Question 22

what is a producer

Answer 22

who makes good and services

Question 23

what is a consumer

Answer 23

who buys or use the goods or services

Question 24

what is interdependent

Answer 24

why you rely on some and they rely on you to get the needs and wants

Question 25

What is indegendents

Answer 25

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

Question 26

What is a subsistence econony

Answer 26

Everyone works Independently just to maintain their current livings standards. There is no surplus producerd

Question 27

What is speciulisution

Answer 27

Individuals concentrating on one task improve productivity + efficiercy

Question 28

What is division of labour

Answer 28

Breaking down the production process into small TASK

Question 29

What is the division of labour by product

Answer 29

Breaking the labour to concentrate on I specific type of production Farming fishing construction

Question 30

What is the benefit of division of labour/ specialisation

Answer 30

more goods and services Higher production + Efficiency Higher quality Greater surplus

Question 31

What methods can producers use to increase surplus of production

Answer 31

Division of labour by product Division of labour by process mechanistion

Question 32

What is a disadvantage of specialisation

Answer 32

You become interdependent | can be boring or repetitive

Question 33

What is dependence

Answer 33

Where you are reliant on others for your needs and wants but they do not rely on your baby and mother

Question 34

What can a surplus be used for saving and trading and more he sure

Answer 34

saving and trading and more he sure