1. Copy and fill in the blanks. a. An ___________ is a system in which goods and services are produced, bought and sold.
b. Economic resources are generally grouped as land, labour, ___________ and ___________.
c. The gap between our unlimited needs and wants and limited economic resources leads to ___________.
d. A ___________ economy is one in which there is no government involvement.
e. A ___________ economy is one in which the government has total control over economic resources.
f. A ___________ economy has a shared approach to the production of goods and services. g. Ireland has a ___________ economy.
2. Copy and complete the table. Economic resource
Profit
Land Labour
Interest
3. Jim Kelly owns a T-shirt factory that employs 60 staff. He uses machinery in the production process. Describe the economic resources used in the production of the T-shirts.
4. Explain the basic economic problem. 5. Outline four reasons why Ireland is a good place to set up a business.
6. Draw a diagram to show how individuals, organisations and the government work together to distribute economic resources in a mixed economy.
7. Outline the advantages of having a mixed economic system in Ireland.
