Introduction to Economics part 1

Question 1

Which of the following form the system of an economy? (pick 3)

Accepted Answer

Individuals, Governments, Organisations

Question 2

The Irish Economy is a

Accepted Answer

Mixed Economy

Question 3

What are the factors of production

Accepted Answer

Land, Labour, Capital, Enterprise

Question 4

When needs and wants are unlimited and resources are limited, what happens?

Accepted Answer

scarcity meaning choices have to be made.

Question 5

When choices have to be made the Government will try to select the option that offers the greatest benefits?

Accepted Answer

True

Question 6

What are the THREE main types of economic systems?

Accepted Answer

mixed economy, Free economy, controlled economy

Questions 6