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Economics Concepts Year 9 Flashcards | StudBud
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Economics Concepts Year 9
Economics Concepts Year 9
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StudBud Administration
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This Quiz covers all the content covered so far in our Year 9 Economics course.
Flashcards
21 cards
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Practice quiz
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Host live
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Questions
21
Answers
1
When non-price factors affect supply and demand, price stays the same.
True
False
2
Does this diagram express the Law of Demand accurately?
No
Yes
3
How do you define an economy? It is a place where...
...there is a government.
...goods and services are sold.
...goods and services are consumed.
Choices are made: production, use & management of resources
4
Does the diagram provide an accurate definition of Opportunity Cost?
No
Yes
5
Within economies there are markets. Within markets there are...
Producers and Consumers
Suppliers and Producers
Demanders and Consumers
Consumers and Providers
6
Economies have access to resources. We call these...
Factors of Price
Factors of Production
Facets of Price
Facets of Production
7
Within an economy, people have unlimited...
Needs and Issues
Needs and Wants
Wants and Nothing
Wants and Must-Haves
8
A change in price causes...
An expansion or contraction in supply or demand.
An increase or decrease in supply or demand.
9
Non-Price Factors cause...
A shift to the left or right in the supply or demand curves
Movement along the supply or demand curve
10
Is it possible for a household to be considered an economy?
Yes
No
11
Does this diagram express the Law of Supply accurately?
Yes
No
12
A doctor is an example of what kind of resource?
A natural resources
A vital resource
A capital resource
A human resource
13
Supply and Demand can be affected by...
Non-Price Factors and Population
Price and Non-Profit Factors
Population and Non-Price Factors
Non-Price Factors and Price
14
What is 'market equilibrium'?
The state of the market where quantity is equal to price.
Both of the above answers
Neither of the above answers
The state of the market where supply is equal to demand.
15
Which one of these is NOT a want?
Technology
A phone
Healthcare
Latest brand shoes
16
Which one of these is NOT a need?
Technology
Shelter
Food
Water
17
What concept does this diagram illustrate?
Opportunity Cost
The Laws of Supply and Demand
Factors of Production
The Economic Problem
18
Which of the following is NOT a factor of production category?
Technological Resources
Human Resources
Capital Resources
Natural Resources
19
Would these non-price factors affect supply or demand?
Supply
Demand
20
In broad terms, supply and demand can be affected by how many categories?
4
1
2
3
21
Scarcity is...
the lack of available resources
the lack of people in the economy
the lack of money
the lack of needs and wants
