How is the public sector funded?

Funding comes through direct taxation.

Trading with fair prices to producers.

What is the main disadvantage of Fair Trade?

More expensive than the average product.

What is Perfect Competition?

A large number of firms sell to a large number of consumers.

What are the four factors of production?

Land, Labor, Capital and entrepreneurship.

What is a economic system?

Money is distributed in the country.

Oligopolies are markets where there are less competitors.

What are the positives of Monopoly?

Stability of prices constantly.

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1 Economic Basics

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1 Economics Basics

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Questions 13

Answers

1
How is the public sector funded?
From Mr and Mrs Watts
Funding comes through direct taxation.
Obama
From the King and Queen
2
What is Fair Trade?
Trading with fair prices to producers.
When you trade you Match Attacks.
When you trade your things with the poor.
Trading troops in Clash of Clans
3
What type of economy would suit a Communist economy?
Mixed Economy
Dictatorship
Germany
Command Economy
4
What is the main disadvantage of Fair Trade?
Trading with TRUMP
More products in the shops.
High supply but low demand
More expensive than the average product.
5
How many main economic systems are there?
9
3
4
1
6
What is Perfect Competition?
A large number of firms sell to a large number of consumers.
Market is shared by a small number of producers or sellers.
Only a few competitors but they produce a lot.
A single seller.
7
Which country has a mixed economy?
Kyrgyzstan
Cuba
Portugal
Dubai
8
What are the four factors of production?
Employer, Manager, Worker and Employees.
Land, Labor, Capital and entrepenship
Food, Waste, Environment and Housing
Land, Labor, Capital and entrepreneurship.
9
What is a economic system?
Our taxes and our money.
They are used to control the four factors of production.
The trade of our countries.
Money is distributed in the country.
10
What is oligopoly?
Oligopolies are similar to monoplies
Oligopolies are markets where there are less competitors.
Oligopolies are markets where there are lots of competitors.
Oligopolies are markets where there are no competitors.
11
Who teaches us Economics?
Mr Watts
Miss Watts
Mrs Watts
Mrs Whats
12
What are the positives of Monopoly?
sablility of prices constantly.
You can go on holiday every time you win.
Stability of prices constantly.
You win and everyone else becomes bankrupt.
13
Give an example of a traditional economy?
Farming
Tesco
Gardening
Apple Company

1 Economic Basics Flashcards | StudBud