NEW
Font size
WorksheetsFirst year Business
Total questions: 17
Worksheet time: 9mins
What is an economy
money
how we spend money in a country
how goods and services make money
how goods and services are bought, sold and used in a country
4 factors of production
Land, Labour, Money and Economy
Land, Wages, Capital and Enterprise
Land, Labour, Capital and Enterprise
Land, Labour, Profit and Enterprise
Reward for labour
Wages
Profit
Rent
Interest
What is a need
Something we can do without
Something we really want
Something we can't do without
Something we like
Resources are S_____________
Scarce
Supply
Surplus
Super
Financial cost of something is....
The choice we have
The one we don't choose
How much is left after we buy it
The price we pay for it
Opportunity cost is...
The cost of the item
The cost of the alternative foregone
The price we pay
The one we pick if we have a choice
A rational choice is...
Where expected losses outweigh expected gains
Where expected benefits outweigh expected losses
The cost of the alternative foregone
Scarcity
Economic term for 'satisfaction'
Utility
Facility
Ability
Needs
Three main types of economy are
Free Market, Central, Mixed
Free Economy, Centrally Planned, Mixed
Free Market, Centrally Organised, Mixed
Free Market, Centrally Planned, Mixed
Free Market Economy has
Little Government input
Lot of Government input
Centrally Planned Economy has...
Little Government input
Lot of Government input
What kind of economy does Ireland have?
Free Market
Mixed
Centrally Planned
Which country is an example of a free market economy
Cuba
North Korea
USA
Ireland
Which country is an example of Centrally Planned economy
USA
Ireland
UK
North Korea
Which of these is NOT a sector in Irish economy
Public Sector
Private Sector
National Sector
Voluntary Sector
Which sector would the Department of Education be in?
Private
Public
Voluntary
