Intro to Economics-Chapter 29

Ella Deely
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Ella Deely
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Intro to Economics-Chapter 29
  1. What is an Economy?
    1. An economy is a system on individuals, businesses and governments that produces, sells and buys goods and services.
    2. What is Economics?
      1. Economics is the study of how individuals, businesses and governments make choices on where to allocate limited resources.
      2. Economic Resources
        1. Land
          1. Land is the natural resources available in a country for use in the production of goods and services. Economic return=Rent
          2. Labour
            1. Labour is all the workers in a country who are available to help produce goods and services. Economic Return=Wages
            2. Capital
              1. Capital is all the financial resources that are available in a country to help with the production of goods and services. Economic Return= Interest
              2. Enterprise
                1. Enterprise is the act of the person or business that brings together the land, labour and capital to produce goods and services. Economic Return=Profit
              3. Types of Economic Systems
                1. Free Economy
                  1. A free economy is an economy in which anyone is free to make decisions about the production of goods and services. Anybody can set up a business, as long as its legal. Sometimes called a capitalist system.
                  2. Controlled Economy
                    1. A controlled economy is an economy in which the government has total control over the production of goods and services. Sometimes called a communist or socialist system. eg- north korea.
                    2. Mixed Economy.
                      1. A mixed economy is an economy in which the government and businesss share the production of goods and services. eg- irish economy.
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