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Economics_RC Bus.

Intro to Economics for JC Business

QuestionAnswer
Name the 2 basic principles of economics 1. Scarcity = all resources are scarce e.g. Oil. Scarce resources results in higher prices. 2. Choice = requires making choices on resources. This process is called economising.
Explain the term 'economic growth' The increase in the production of goods & services in a country from one year to the next
What instrument is used to measure Economic growth? Gross National Product (GNP). This is the total amount of goods and services produced in a country.
Explain the term 'Inlfation' The increase in the price of goods & services from one month to the next
Explain the term CPI Consumer Price Index (CPI). This is used to measure inflation. The price of regular goods and services are monitored each month.
Name 2 causes of inflation 1. High demand - prices rise if more consumers wants goods. 2.Increase in production costs.
Name 2 advantages of low inflation 1. Better value for money as the price of goods does not rise 2. Savings are protected as you do not have to spend as much money.
Name 2 effects of high inflation 1. Less value for money as goods are more expensive 2. Savings may have to be used by consumers
Name 2 advantages of an increase in Economic Growth 1. Increase in employment 2. Increase in tax intake for government
Name 2 effects of a decrease in Economic Growth 1. Umemployment rises. 2. Less tax for government i.e. PAYE
Explain the difference between 'imports' and 'exports' Imports = goods and services brought into a country. Exports = goods and services going out of a country
Explain the term 'import substitution Replacing imported goods by producing them in your country.
Name 3 reason why a country imports goods 1. To provide goods not produced in a country. 2. To get raw materials. 3. Consumers demand variety.
Explain difference between consumer goods and producer goods Consumer goods = These are goods that we use on a day-to-day basis e.g. Food. Producer goods = machines that are used in the production of goods.
Explain the term 'raw materials' "These are products that we use in the manufacturing of other products. E.g. oil "
Outline the difference between 'Capital Expenditure' and 'Current Expenditure' Capital Expenditure = long term expenditure/investment by the Government. E.g Building roads or schools. Current Expenditure = short term expenditure by the Government on day-to-day items e.g. Wages of teachers and nurses.
Outline the difference between 'Capital Income' and 'Current Income' Capital Income = long-term income for Governments. Comes from non-tax revenue (not from tax). E.g. Privatisation (sale of state assets like the National Lottery). Current Income = money that the Government receives on a day-to-day basis e.g. PAYE/VAT
Explain the term 'Debt Servicing' When the Economy is in debt (loss), they will have to get a loan. They can borrow money from the European or World Banks. They will have to repay these loans with interest; this is called ‘Debt Servicing’.
Formula for Balance of Trade? Visible Exports - Visible Imports
Formula for Balance of Payments? Total Exports - Total Imports
Explain the term 'the National Budget' "The ‘National Budget’ is a forecast of Government ‘Income’ and ‘Expenditure’ for the next year. The ‘National Budget’ is prepared by the Minister for Finance (Department of Finance)."
Explain the term 'Budget Deficit' and 'Budget Surplus' Deficit = The Government spends more than they earn, i.e. Expenditure is greater than Income. Surplus = The Government earns more than they spend, i.e. Income is greater than Expenditure
Name the 4 factors of production 1. Land 2. Labour 3. Capital 4. Enterprise
Give an example for each of the factors of production 1. Land = farms, forestry 2. Labour = factory workers 3. Capital = money invested in businesses 4. Enterprise = starting and growing businesses e.g. Supermacs
Give 1 economic benefit for each of the factors of production 1. Land = rent 2. Labour = wages 3. Capital = interest 4. Enterprise = profit
Explain the term 'mixed economic system' When a government has a mix of private enterprise e.g. Dell/Intel, and government (public) companies e.g.ESB/Bord Gais.
Created by: dqualter
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