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Bus: economics

QuestionAnswer
Economics Social science on how people with limited resources make choices in order to satisfy needs and wants. This also includes governments, organisations and society as a whole
Reosurces Things that benefit us
Utilities How much satisfaction something gives us
Factors of production Everything needed to produce something, land labour capital
Centrally planned economy and examples A centrally planned economy is one where the government has the most control over economic resources and decision. E.g Cuba and North Korea
Mixed economy and examples A mixed economy is one that combines elements of free and centrally planned market. It involves sharing the factors of production between governments and private individuals e.g Ireland
Free economy and examples A free economy is one where private individuals control resources own business and the decision making about what goods and services will be produced. Usually less regulations, e,g USA Switzerland
Public sector The part of the economy that is created and managed by the local or national government. This includes planning services , public infrastructure like roads
Private sector The part of the economy that is created by private individuals that produce goods and services usually with the aim of making a profit. Eg Tesco, apple
Third sector The part of the economy that are social enterprises and not for profit organisations such as charities and voluntary organisations.
Commercial Charges money for a product or service eg an post
Non commercial These provide necessary services to develop the country eg enterprise Ireland.
Created by: O15iny
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