What I may already know: • Resources are needed to produce goods and services. • We have to make choices based on our personal resources. • Different countries have their own ways of doing business.
Learning Intentions
In this chapter, I will learn: • What economics is. • The economic resources needed for the production of goods and services. • The basic economic problem of satisfying needs and wants due to scarcity. • The different types of economy and what type of economy we have in Ireland. • The role of private business and the government in Ireland’s economy. • How economic resources are distributed in a mixed economy.
Key Words: Economy
National economy Global economy Economics
Economic resources Basic economic problem Scarcity
Economic system
Free economy Controlled economy Mixed economy
WHAT IS ECONOMICS?
You have probably heard the word economy on the news or used in conversations (e.g. ‘the economy is growing’, ‘tourists visiting Ireland is good for the economy’ or ‘job losses are bad for the economy’).
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An economy is a system of individuals, businesses and governments that produces, sells and buys goods and services.
