1
What is a need?
Something you can't live without or is a necessity
What is a want?
Something that is not essential and you can live without
Does financial cost mean?
This is the price of an item we choose to buy
What does Opportunity cost mean?
This is the option we miss out on in a choice
What rational choice
This is where the expected gains outweigh the expected losses.
Land, Labour, capital and enterprise
What is the reward for land
rent
What is the reward for labour
wages
what is the reward for capital
interest
What is the reward for enterprise
profit
What does supply mean
this is the quantity of a resource
What does public sector mean
this is the part of the economy that is owned and controlled by the government
What is the private sector
this is the part of the economy that is owned by private individuals
what is centrally planned economy mean ?
This is where the government has majority of control of the economy
What is a free market economy
This is where private individuals control the majority of the resources in an economy
What is a mixed economy
This is a combination of free market and and centrally planned private individuals and the government share the resources in an economy
What is the third sector also known as
The voluntary sector
Name a state owned transport organisation
Bus Eireann, Irish rail, Dublin airport, Dublin bus
What does PPP stand for
Public private partnership
What is the name of the office that collects tax
The Office of Revenue commissioners
what is debt servicing
Paying the interest on the national debt
What is inflation?
This is an increase in the cost of living
What is the capital of Bulgaria
Sofia
Automated Teller Machine
What does SO mean in relation to banking
Standing order