Corporate Watchdogs make sure businesses follow the rules to protect consumers. An example is:

The Australian Competition and Consumer Commission

What are the 3 influences on the way we work?

Technology, Globalisation, Outsourced Labour

The factors of production are:

land, labour, capital, enterprise

What do MEDC and LEDC stand for?

More Economically, Less Economically

What is the law of demand?

When Price increases, Demand Decreases

Who is the best Teacher in HASS

Definately Miss Wright, Not Miss Wright, Maybe Miss Wright

What are the 3 different types of businesses

Sole Trader, Partnership and Franchise

Economics is the study of how people choose:

To use limited resources to satisfy wants/needs

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Economics

20 termsStudBud Administration1,098 plays

An #economics revision to prepare for Year 8 end of unit test

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Questions 20

Answers

1
Which of the following is an example of a capital good:
business owner
tractor
hairdresser
river
2
Consumers need protection because:
They do not always know their rights
Businesses can fix the market against consumers
All of the above
They have less power then businesses
3
A partnership can be anywhere between:
1 to 20 people
2 people
2-5 people
2 to 20 people
4
Corporate Watchdogs make sure businesses follow the rules to protect consumers. An example is:
The Australian Competition and Consumer Commission
The Australian Competition and Producer Commission
5
What are the 3 influences on the way we work?
Technology, Globalisation, Outsourced Labur
Money, Money and Money
Technology, Globalisation, Machines
Technology, Globalisation, Outsourced Labour
6
The factors of production are:
capital, enterprise, labour, services
land, labour, consumers, capital
money, supply, demand, price
land, labour, capital, enterprise
7
Entrepreneurs are motivated by:
Debts
Work ethic
Profit
Pride
8
What do MEDC and LEDC stand for?
More Economically, Less Economically
More Medical, Less Medical
Ben doesn't know the answer
More and Less Economic countries
9
Boost Juice is an example of a:
Franchise
Sole Trader
Corporation
Partnership
10
What is the law of demand?
Supply increases, Demand Increases
When Price increases, Demand Decreases
Supply increases, Demand decreases
$ Up , People >:(
11
Who is the best Teacher in HASS
Stop Being Bias
Definately Miss Wright
Not Miss Wright
Maybe Miss Wright
12
A disadvantage of being a sole trader is:
No liability
Complete libaility
Acting on feedback
Keeping the profits
13
Which of the following is the best substitute good for an iPhone?
An iPhone case
A Samsung Galaxy
A letter
An inferior good
14
If supply increases, price is likely to:
Increase
Decrease
Increase and decrease
Remain the same
15
What are the 3 different types of businesses
Partnership, Franchise and Sole
Sole Trader, Partnership and Franchise
Apple, Nike, Maccas
Sole Trader, Partnership and Apple
16
The process by which businesses develop international influence is called:
Outsourcing
Elasticity
Entrepreneur
Globalisation
17
As price increases, quantity demanded decreases. This is the law of:
Demand
Supply
18
Economics is the study of how people choose:
To organise an economy.
Spend their money on.
To use limited resources to satisfy wants/needs
Spend their money.
19
Who are the consumers?
Consumers
People who buy things
All of us
Only Sammy
20
What is the definition of Outsourced Labour?
To obtain an outside supplier
To obtain a worker from a contract
To bring workers into MEDC
Flying to a different country to work

Economics Flashcards | StudBud