Miscellaneous Quiz / Economics Key Words and Definitions from class (Ireland

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Can you name the Economics Key Words and Definitions?

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Making the best use of resources to satisfy the needs of as many people as possible
America is this type of economy- consumers drive demand
China is this type of economy- the government control all resources
Ireland is this type of economy- both public and private involvement in the economy
What we call Land, Labour, Capital, Enterprise
The payment for land
The payment for labour
The payment for capital
The payment for enterprise
When prices rise from one year to the next
When prices fall from one year to the next
The increase in the production of goods and services over time
The three letter term that measures the true performance of an economy
When the government must choose between one item over another
An essential item we require to survive, e.g. water
An item that is not essential, e.g. X-Box
The measurement of inflation
Fomula for inflation- you put the increase over...and x 100
Producing less goods for two consecutive quarters
Mark Zuckerberg, who's Enterprise is Facebook is known as an..

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