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Year 9 Economics Basics Flashcards | StudBud

Explore/Year 9 Economics Basics

Year 9 Economics Basics

10 terms·StudBud Administration·128 plays

Year 10 Fundamentals of Economics

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Questions 10

Answers

1
Why do all decisions have an opportunity cost?
If a choice is made, there is always an option not chosen.
When one alternative is chosen, scarcity does not change.
Opportunity cost is an important concept..
If there is no opportunty cost scarcity would increase.
2
The real flow from the households to the producer sector is called
Consumption Spending
Goods and Services
Wages
Labour
3
When a person sees a good and cannot help buying it, this is called
Being Thrifty
Planned Expenditure
Impulse Buying
Panic Buying
4
Which of the following transactions is G.S.T exempt?
Payment of City Rates
Payment of Wages
Payment for a loaf of bread
Payment of Insurance
5
Each Factor of Production recieves a payment. What reward does the factor land recieve?
Rent
Profit
Wages
Interest
6
The money flow from the producer to the household sector is called
Consumption Spending
Labour
Goods and Services
Wages
7
A budget is best described as:
a plan for purchasing best quality goods at lowest prices.
A list of expenditure made during the previous year.
A means of raising money for expenditure.
An estimate of expected income and plan for expenditure.
8
The real flow from the producer to the household sector is called
Consumption Spending
Labour
Goods and Services
Wages
9
Which of the following is an example of a capital resource?
Gold.
The Manager of a firm.
A pen used by an accountant..
A student work book.
10
The money flow from the households to the producer sector is called
Labour
Wages
Goods and Services
Consumption Spending