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Economics

A Study-Stack to help with Junior Certificate Economics

QuestionAnswer
What is Land? Anything supplied by nature which is used in the production of goods and services.
What is the Reward for Land? Rent.
What is Labour? All human effort used in the production of goods and services.
What is Capital? Capital is anything man made used in the production of goods and services.
What is the Reward for Wages? Wages.
What is the Reward for Capital? Interest.
What is Enterprise? Enterprise is the factor which combines all the other factors of production and takes the risk/sets up a business.
What is the Reward for Enterprise? The payment/reward is profit.
What are the Factors of Production? Land, Labour, Capital and Enterprise.
What is Capital Expenditure? Once off/non-recurring/long term expenditure which will have long term benefits for the country e.g. building new schools or hospitals, hospitals, roads, government jet.
What is Capital Income? A once off source of Income for the Government. e.g. selling the remaining part of Aer Lingus, selling other State owned assets such as disused army barracks, loans from the EU.
What is Corporation Tax? A tax on the profits of companies. (Currently 12.5%)
What is Current Expenditure? Spending on a regular basis for the day to day running of the country i.e. on-going, recurring, day to day expenditure in the running of the country e.g. wages of public servants, social welfare, running costs of state buildings.
What is Economic Growth? An increase in the quantity/amount of goods and services produced in Ireland from one year to the next.
What is Debt Servicing? Paying the interest on the National Debt.
What are Excise Duties? These are indirect taxes imposed on goods in the Budget to raise revenue and discourage consumption. Example: petrol, diesel, cigarettes, wine, beer
What is Import Substitiution? An Economic Policy that encourages the replacement of imported goods or services with Irish produced ones. Buying Irish goods instead of imports. Example: Wood pellets from native trees to replace heating oil.
Created by: egibbonsnotes
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