HASS Economics Year 8

Stock markets are part of the financial sector of the economy.

Governments spend income on roads, transport systems, schools and hospitals.

There are laws in place to protect consumers' rights.

Wants are defined in economics as

Goods must be of acceptable quality; that is,

People earn income in the form of wages and salaries.

Businesses earn income.

Consumers should

People can buy shares in some companies, such as Telstra, or Fortescue Mining, on the stock market.

A person can be both a consumer and a producer.

What is economics?

Needs is the economic term for

Governments receive income in the form of taxes.

If a consumer wants to make a complaint about a faulty good or service they should

Government provides financial and other support to the disadvantaged in the community. This is called

The price at which both supply and demand is satisfied is called equilibrium.

Companies cannot make misleading advertisements about products or services, by law.

The prices paid for goods and services can be influenced by both sellers and buyers.

Households are considered an economic sector.

In economics, money earned is referred to as:

Banks are considered the banking sector in an economy.