Economics

What is the purpose of the four factors of production

• To calculate the profit of the business

• They are needed to produce goods and provide services

What are the four factors of production

• Money, Land, Labour, Marketing

• Land, Cash, People, Marketing

• Land, Labour, Capital, Enterprise

• Enterprise, Land, Money, People

Scarcity is when we have needs and wants beyond our resources

• False

• True

Ireland is an example of a

• Mixed economy

• Controlled economy

• Free economy

A mixed economy has no government involvement

• True

• False

Closed economy

• Encourages individual enterprise

• Government has total control of enterprise

North Korea is an example of a

• Mixed economy

• Closed economy

• Free economy

Irish beef is a popular

• Export out of Ireland

• Import in to Ireland

Imports are good and services sold to other countries

• True

• False

Invisible trade is the trade of goods

• True

• False