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Year 9 Economics Revision Flashcards | StudBud
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Year 9 Economics Revision
Year 9 Economics Revision
20 terms
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StudBud Administration
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1,626 plays
To help revise key economics terms for the beginning of the year nine course.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What are the two main sectors of a circular flow model?
Households and businesses
Government and Financial
Wages and salaries
Consumers and producers
2
Which law is the following graph showing?
Equilibrium
Demand
Consumer
Supply
3
What happens to supply when the price increases?
Supply stays the same
Supply increases
Depends on how much the price increases by
Supply decreases
4
The household sector is also known as what?
Government sector
Business sector
Family sector
Consumer sector
5
The consumer sector gives these to people in exchange for their labour.
Money
Job
Salaries
Wages
6
Which of these is not an example of a service?
Boat
Education
Tourism
Hairdressing
7
What is a need?
Something you have to have in order to survive
Something you want
Something you have to have in order to be popular
Something you need in order to survive
8
Demand deals with which sector?
Government
Suppliers
Business
Consumer
9
What type of resource is pictured?
Capital
Labour
Enterprise
Land
10
Households and businesses pay what to the government?
Money
Taxes
Goods
Services
11
Unlimited wants and limited resources is known as what?
Economics
Economic Problem
A serious problem
Scarcity
12
What does a market consist of?
Fruit and Vege
Goods and services
Consumers and producers
Needs and wants
13
What type of resources are pictured?
Enterprise
Labour
Capital
Land
14
What is this diagram called?
Simple Circular Flow Model
Full Circular Flow Model
Flow of wages and salaries
Circular Flow Model
15
What is a want?
Something you want to make your life better
Something you want
Something you desire in order to make your life better
Things
16
Mr Di Gregorio is what type of resource?
Land
Capital
Enterprise
Labour
17
On the graph below, what is the equilibrium price?
4
$5
$4
5
18
The place where supply and demand meet is called?
Pe
A perfect world
Pq
Equilibrium
19
The item that your forgo when you make a choice for something else is called what?
Opportunity Loss
Opportunity Cost
Economic Problem
Unlucky
20
What happens to demand when the price increases?
Demand decreases
Demand stays the same
Depends on by how much the price increases
Demand increases
