GCSE Economics Unit 1 - How the Market Works (Part 1) 22 questions on the start of Unit 1 Economics. 5.0 / 5 based on 4 ratings ? EconomicsAll LevelsOCR Created by: Some like it hotCreated on: 12-04-12 11:24 What is the basic Economic Problem? Unlimited wants, limited resources 1 of 22 What is something that is essential for human survival? need 2 of 22 What is something that you like but is not essential for human survival? want 3 of 22 What is something used to produce output? recourse 4 of 22 What are the factors of production? Capital, Enterprise, Land, Labour 5 of 22 What are goods used to produce other goods? capital 6 of 22 What is having ideas and taking risks? enterprise 7 of 22 What is the land and substances below it called that a business uses for production? land 8 of 22 What is the human input into the production process? labour 9 of 22 What is the sector called where there is an extraction of natural resources? primary 10 of 22 what is the sector called where there is a provision of service? tertiary 11 of 22 What is a (free) market economy? Where all resources are privately owned and allocated by market forces 12 of 22 What is a planned economy? Where all resources are owned & allocated by the government 13 of 22 What is one advantage of a (free) market economy? Higher incentive to work 14 of 22 What is one advantage of a planned economy? Less crime as everyone gets the same 15 of 22 What is one advantage of a mixed economy? Poorer people are more looked after 16 of 22 What is one disadvantage of a (free) market? crime more likely 17 of 22 What is one disadvantage of a planned economy? no/less choice 18 of 22 What is one disadvantage of a mixed economy? Less incentive to work for higher earners 19 of 22 What is a market? Where buyers and sellers exchange goods and/or services. 20 of 22 What is the private sector? Where firms are owned by individuals and groups 21 of 22 What is the public sector? Where firms are owned by the government 22 of 22
Economics: Assess Hayek’s claim that the market is to be preferred to any system based on planning. 0.0 / 5
Economics GCSE OCR- How does the UK government raise and spend it's money? 1.5 / 5 based on 2 ratings
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