Economy - Refers to the way in which goods & services are made, sold & used in a country., Economic resources - The inputs that are used to create goods or provide services - in other words, land, labour, capital and enterprise (the factors of production)., Economic system - The method that countries use to distribute economic resources and trade goods and services., Public sector - Part of the economy that is owned & controlled by the government., Private sector - Refers to businesses owned by private individuals that produce and sell goods and services with the aim of making a profit., North Korea - This is an example of a centrally planned economy, Centrally planned economy - Economy where the government has a lot of control over economic resources and decision-making., Free market economy - Economy where private individuals control resources, own businesses and make decisions about what goods and services will be produced., Ireland - This is an example of a mixed economy, Mixed economy - Economy that combines elements of the free market and centrally planned systems., State Owned Business - This is a business that is owned and run by the government, An Post, RTE, Irish Rail, Solas - These are all examples of State owned businesses, America - This is an example of a free economy (also called a market economy),

Distribution of Economic Resources

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