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Year 9 Basics of Economics Flashcards | StudBud
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Year 9 Basics of Economics
Year 9 Basics of Economics
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1
Demand goes ….. if the price is low
Up
Down
2
What type of economic resource is natural gas?
land
labour
management
capital
3
What type of economic resource is a CEO of a company?
capital
management
land
labour
4
What is the price mechanism?
a computer program that calculates the price
the allocation of resources
the economy determines the price
the supply of a product
5
What breed is this?
Shar Pei
Poodle
Collie
Chow Chow
6
What type of economic resource is milk?
land
capital
management
labour
7
The law of supply is....
the lower the price, the less supply there is
producers only make what people buy
the lower the price, the more supply there is
if a producer doesn't make enough products they go bankrupt
8
Producing goods and services is called..
Production
Opportunity Cost
Supply and Demand
Purpose Driven Use
9
Who decides the price of goods and services?
producers & consumers
consumers
producers
the government
10
What are the three basic questions of economics?
what to produce, how to produce, why produce
what & how to produce, when to produce, who to produce for
what to produce, how much to produce, how to produce
what and how much to produce, how to produce, for whom to produce
11
What type of economic resource is a taxi driver?
labour
capital
land
management
12
Who is this?
Mariah Carey
Celine Dion
Jennifer Lopez
Shania Twain
13
What are the factors of production?
economic resources
human resources
land, labour, capital, management
land, labour, capital
14
Our basic needs are....
food, water, clothing
food, clothing, shelter
food, water, clothing, shelter, electricity
food, clothing, electricity
15
What is Consumer Sovereignty?
consumers are loyal to one brand
consumers tell producers what to produce
consumers like cheese
consumers can argue the price
16
What is relative scarcity?
when our cousin needs help with economics
labour, capital, management resources
not enough resources to satisfy all our needs and wants
the economists are scared of change
17
Giving something up in order to receive something else that we want to have is known as....
supply
opportunity cost
life
factor of production
18
A new phone is an example of a ….
Survival Resource
Labour Resource
Need
Want
19
A consumer is a person who buys a product or uses a service
False
True
20
What type of economic resource is a building?
capital
land
labour
management
