Introduction to Economics, Demand & Supply, JC Bus Stud.

What are the three main types of economies?

• free, mixed, planned

• capitalist, socialist, communist

• controlled, surplus, mixed

• traditional, command, and planned

What are the four factors of production?

• capital, fixed, current, laons

• land, property, commerce, labour

• wages, tax, sales, labour

• Land, labour, capital, and enterprise

How does scarcity of economic resources affect decision making?

• Scarcity of economic resources forces individuals and businesses to make choices about how to allocate those resources, leading to trade-offs and prioritization.

• Scarcity of economic resources has no impact on decision making

• Scarcity of economic resources encourages wasteful decision making

• Scarcity of economic resources leads to unlimited options for decision making

Discuss the concept of opportunity cost.

• Opportunity cost is the value of the next best alternative that is foregone when a decision is made.

• Opportunity cost is the total cost of all available alternatives

• Opportunity cost is the cost of the chosen option

• Opportunity cost is the value of the least desirable alternative

Explain the role of entrepreneurship in the Irish economy.

• Entrepreneurship in the Irish economy has no impact on job creation or economic growth

• Entrepreneurship in the Irish economy drives innovation, creates jobs, and contributes to economic growth by diversifying the economy with new products and services.

• Entrepreneurship in the Irish economy only leads to the duplication of existing products and services

• Entrepreneurship in the Irish economy hinders innovation and economic diversification

What are the main sectors of the Irish economy?

• Technology, Tourism, Education

• Agriculture, Industry, Services

• Finance, Retail, Transportation

• Manufacturing, Healthcare, Construction

How does the Irish economy compare to other European economies?

• The Irish economy is the weakest in Europe

• The Irish economy is generally considered to be one of the fastest-growing economies in Europe.

• The Irish economy is not significantly different from other European economies

• The Irish economy is the most stable in Europe

What are the main economic challenges faced by Ireland?

• Agricultural productivity, unemployment rate, and trade deficits

• Brexit uncertainty, housing affordability, income inequality, and the impact of global economic trends.

Discuss the impact of globalization on the Irish economy.

• Globalization has had no impact on the Irish economy.

• Globalization has led to increased foreign direct investment, expanded export markets, and new job opportunities in the Irish economy. It has also brought about increased competition and the need to adapt to international standards and regulations.

• Globalization has caused a decrease in foreign direct investment, limited export markets, and fewer job opportunities in the Irish economy.

• Globalization has resulted in the Irish economy being isolated from international trade and investment.

Explain the concept of a mixed economy.

• A mixed economy is an economic system that combines elements of both capitalism and socialism, allowing for private ownership of property and businesses, while also having government intervention and regulation to ensure social welfare and reduce income inequality.

• A mixed economy is an economic system that only allows for government ownership of property and businesses, with no private ownership.

• A mixed economy is an economic system that combines elements of both communism and capitalism, allowing for complete government control over property and businesses.

• A mixed economy is an economic system that only allows for private ownership of property and businesses, with no government intervention or regulation.