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ECONOMICS YEAR 9 Flashcards | StudBud
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ECONOMICS YEAR 9
ECONOMICS YEAR 9
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StudBud Administration
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Introduce the basics of economics
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
A benefit of a command or mixed economy is
Complete freedom of choice
Government involvement can help ensure access to essential items
Vulnerable people obtain miss out on essential items
No government involvement
2
Three categories of economic resources are
Natural, capital, human
Human, Trees, Service
Air, Water, Dirt
Blue, black, red
3
the 3 key questions all economies must answer are:
what, how, for whom to produce
when and how to produce.
where and when to produce.
Where and how to produce.
4
Define unemployment
The number of people able/willing to work but unable to find a paying job
The number of people not actively looking for a job, but are able to work
The number of people unable to find a paying job
5
A want is
shelter
flavoured water
water
air
6
A low death rate indicates a low standard of living
True
False
7
Australia has what type of economic system?
traditional economy
demand economy
mixed economy
market economy.
8
A disadvantage of a command economy is
People are free to choose what to produce and who to produce for
Promotes inequality
There is no individual or business choice.
Encourages business profits
9
The economic problem
limited resources and limited wants that cause scarcity.
caused by opportunity cost.
unlimited wants and limited resources that cause scarcity.
is caused by unlimited resources and wants.
10
An example of a capital resource is
A teacher
Coal
A delivery truck
Water
11
What is the Gross Domestic Product?
The amount of exports in a country
Total goods and services divided by population
The amount of money that a country has
The value of the goods and services produced by a country
12
resources are
used in the production of goods and services
used in the production of services only
land, capital, enterprise
land,labour, capital
13
A high life expectancy indicates a high standard of living.
True
False
14
Scarcity refers to limited resources to meet wants and needs
False
True
15
In a Mixed economy economic decisions are made by
Individuals, Business and Government
Businesses
Government
Individuals
16
A "service" is
An action or process that is done (intangiable)
Can be passed on to someone else
can be stored
Something I can hold (tangiable)
17
An economic system is the way of organising the production and distribution of goods and services
True
False
18
A "good" is
mowing the lawn
going out for dinner
A pencil
getting a hair cut
19
An increase in cost of living is caused by an increase in
Goods and Services
Unemployment
Inflation
Resources
20
opportunity cost
limited resources and unlimited wants
choices and wants
the best alternative forgone.
what you give up
21
Economics is
The relationship between ends and scarce means.
A science that studies human behaviour.
solving the economic problem.
satisfying needs and wants with limited resources.
22
A disadvantage of a free market economy is
There is a wide range of goods and services available
Can promote inequality
Profits can by maximised
Government dictates what is produced and who it is produced for
23
Economic resources are used in the production of
Services only
Goods and Services
Goods only
Sleep
24
A need is something.
Something that you desire.
Something you desire in order to survive.
You need in order to survive
Something you want in order to survive.
25
In a command economy, resource distribution decisions are made by
Individuals, businesses and Government
The Government
Individuals and businesses
My teacher
