3rd Year Intro to Economics

A controlled economy..

• is one where the government owns, operates and manages all economic activity

• is one where the government places few restrictions on businesses

• has both public and private enterprises providing goods and services

• is one where all public enterprises provide goods and services

Ireland is an example of a

Local Government provides services such as:

• Retail, Fast food, Insurance

• Pharmaceuticals, Building Materials, Energy

• Housing, Planning services, road maintenance

Government has full control over economic activities in a

An economy where citizens are free to set up a business in any area they like (within the law) is know as a

• Free Market Economy

• Centrally Planned Economy

• Mixed Economy

Which of the following Irish Companies is a state-owned company?

• Dunnes Stores

• Lidl

• Bus Éireann

• JD Sports

Businesses owned by individuals that produce and sell goods and services with the aim of making a profit.

Which of the following is an example of a Controlled Economy?

• USA

• Ireland

• Germany

• North Korea

The bringing together of the other factors of production to produce a good or a service is known as which factor of production?

• Labour

• Land

• Enterprise

• Capital

When the government owns the factors of production and makes economic decisions about which goods and services will be produced is known as a free market economy.

• True

• False