Economics

pick out the one which is not a core need

• Shelter

• food

• water

• social life

which one is not a want

• fast car

• yacht

• mansion

• shelter

what is the economic problem

• unlimited wants and needs v scarce resources

• limited wants and needs v scarce resources

• unlimited wants and needs v plentiful resources

• there is no economic problem

What are the main questions to ask relating to production

• what, how , for whom

• why , how , for whom

• what , why , for whom

• what , how, why

name the 5 factors of production

• land , labour, capital , enterprise , environment

• land, labour , capital , enterprise , ethical

• land , education, capital , enterprise , environment

• land , labour ,money, enterprise , environment

economists are specialists that do what ?

• look at the relationship between society resources and its production / output

• print money

• raise interest rates

• payback government debt

what type of economic system does north korea have

• mixed economy

• free economy

• centrally planned

• laisse

Adam smith pin factory was about

• symmetry

• specialisation

• saturation

• solice

the existence of scarce resource means we need to

• pass laws

• reduce taxes

• put up interest rates

• make choices

what is a trade off

• accepting less of something and no more

• accepting more of something to get even more

• accepting less of something to get more of something else

• swapping something