1) What are economic resources?
2) Why are economic resources always scarce?
3) What are natural resources?
4) How rich is Ireland in natural resources?
5) Economic output is made up of goods and services. How do they differ? What gives goods and services economic value?
6) What in economics is meant by a free good?
7) Which of the following are free goods?
(i) tap water in Ireland (ii) bottled water in a supermarket (iii) air (iv) primary education (v) 3rd level education
8) What gives goods and services economic value?
9) What distinguishes a consumer from a capital good?
10) Which of the following are goods?
(i) a factory (ii) a computer (iii) a meal in a restaurant (iv) a business course (v) a business school
11) What are the factors of production?
12) In the following cases which would typically be the most important factor ?
(i) agricultural production (ii) professional practices (iii) cement production (iv) centre city store (v) creation of a new product (iv) a successful football team (vi) exploration for new oil reserves
13) What are the three central problems of every economic society?