A subsistence economy

is where people provide for their own needs

In a market economy economic decisions are made by

consumers and producers with no intervention by government

a planned path for the transport of goods

Traditional economic system is when a method is

passed down by elders in the past

A hunter gatherer is someone who

survives by hunting and gathering in the wild

In the market situation price will

rise and bring about a point where demand = supply

factors of production are in short supply

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Questions 20

Answers

1
TCC is an example of a
private good
private service
public good
public service
2
Buying goods and services from other countries is
importing
exporting
3
At Price * and Quantity *
demand = supply
demand is greater than supply
there is a surplus in the market
supply is greater than demand
4
creedy is an example of
a capital resource
a labour resource
none of the above lol
a land resource
5
An economy where there is both private business and government activity
subsistence economy
mixed economy
market economy
planned economy
6
A subsistence economy
is where people provide for their own needs
is completely government owned and controlled
has a large array of capital equipment
focus ' only on profit
7
In a market economy economic decisions are made by
consumers only
consumers and producers with no intervention by government
the government only
producers only
8
trade route is
a planned path for the transport of goods
a gps route
barter
a map
9
Traditional economic system is when a method is
government driven
none of the above
passed down by elders in the past
made up by young people
10
trade is to
to buy from someone else
to steal from each other
to buy and sell to eachother
sell to someone else
11
Factors of production are
labour money exchange rate land
land labour capital enterprise
land labour capital money
land labour money enterprise
12
opportunity cost of choosing something is
the satisfaction gained
efficient use of factors of production
a decrease in resources
the opportunity given up
13
At P1 Quantity Demanded is
is in equilibrium
equal to quantity supplied
is less than quantity supplied
greater than quantity supplied
14
This Market situation represents a
surplus
shortage
break even
equilibrium
15
A hunter gatherer is someone who
survives by specialising
steals from his friends
survives by trading
survives by hunting and gathering in the wild
16
__________ is the selling of goods and services overseas
importing
e baying
international shipping
exporting
17
In the market situation price will
rise and bring about a point where demand = supply
fall and bring about a point where demand = supply
18
If demand for a product is greater than the supply of a product price will
fall
rise
none of the above
stay the same
19
which of the following is not a public good
rockhampton showground
rockie high
base hospital
stockland shopping centre
20
scarcity occurs when
you make a decision
none of the above
supply is greater than demand
factors of production are in short supply

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