8HASS Economics and Business

Which of these are examples of complimentary goods?

What does the household sector provide to the business sector?

What are examples of capital resources?

Which of these are examples of services?

What are the two markets within the two sector model?

The law of demand states: as the price of a good increases, quantity demanded will decrease.

How confident are you with your knowledge and understanding of business and economics leading up to the exam?

Which of the following is not one of the four functions of money?

If the price of a can of Coke increased to $10 - what would you expect the buyer to do?

If I sell Ice-cream Cones for $1.50. Is this an example of excess supply or demand?

What does the government sector receive from households and businesses?

Is scarcity defined as: The gap between scarce (limited/finite) resources and theoretically limitless wants

The business sector is defined as: The total of all consumers in the economy.

Define capital resources:

The law of supply states: if the price of a good decreases, quantity demanded will increase

Which of these are examples of substitute goods?

Businesses would respond positively to high levels of taxation from the government.

What is credit?

If the price of a can of Coke increased to $10 tomorrow - what would you expect sellers to do?

Which are examples of factor markets?

I have $30 to go and get a haircut, go to mini golf or ice skating. You get a haircut. What's the opportunity cost?

What are the three factors of production?

A product market is any place where finished goods and services are bought and sold.

An institution such as a bank or unit-trust company, that holds funds from lenders in order to make loans to borrowers..

Are goods tangible things that are produced, bought or sold?

A Complementary good is a product or service that adds value to another.

What is the sector involved in regulating the economy in the circular flow model?

If the price of a can of Coke decreased to $1 tomorrow - what would you expect the buyer to do?

Opportunity costs are the ___________________ missed when choosing an alternative over another.

What is the current (2020) national minimum wage for workers over the age of 21?

Supply and demand together determine the prices of the economy's goods and services.

What is the stock market?

A substitute good is a good that can be used in place of another.

What is an Economy?

If the price of a can of Coke decreased to $1 tomorrow - what would you expect sellers to do?

Which of these examples are leakages from the economy?

Banks and financial intermediaries use their customers savings to offer investments and credit.

What does the government spend collected taxes on?

What's the opportunity cost? A player attends a football training to be a better player instead of taking a vacation.

When we work we are providing _______ to contribute to the process of producing goods and services.

Which of these are types of economies?

Consumers demand a particular quantity of goods and services depending on the price.

Refer to the graph: If I sell Ice-cream Cones for $2.50. Is this an example of a supply shortage or excess?

What are these: phone, 4wd Hilux, PS5,

Which of the following best defines exports?

Which legislation helps to protect the rights of workers?