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Chapter 34- Our Economy Flashcards | StudBud

Explore/Chapter 34- Our Economy

Name three economic systems

How many local authorities are there in Ireland?

Chapter 34- Our Economy

10 terms·StudBud Administration·420 plays

Junior cycle business studies

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Questions 10

Answers

1
How many local authorities are there in Ireland?
31
12
33
32
2
Name three economic systems
Mixed Economy
Free Market Economy
All of the above
Centrally Planned Economy
3
An example of a mixed economy is?
North Korea
Iceland
USA
Ireland
4
An example of a Free Market Economy is?
USA
North Korea
Ireland
Iceland
5
What is an economy?
How goods & services are made, sold & used in an area.
The way in which money is used in an area.
6
An example of a Centrally Planned Economy is?
USA
Ireland
Iceland
North Korea
7
What is the circular flow of income?
the movement of capital
the movement of economic resources and wealth.
8
What are the factors of production?
Labour Capital & Enterprise
Land, work & Buildings
Land, Labour, Capital & Enterprise
Labour, Capital, Fields & Enterprise
9
Name the sectors of the economy
Private
Third
Public
All of the above
10
What is the difference between commercial and non-commercial state owned organisations?
Commercial = a necessity Non commercial= goods & services.
Commercial = goods & services Non commercial= a necessity.