Scarcity refers to the fact that

we have unlimited wants and limited resources

Land/natural resources

come from nature and are used to create products

Capital resources refer to

the infrastructure and equipment used to create products

a product/service required for survival

A barter economy is one in which

no money changes hands, only trades

What is opportunity cost?

Having to give up on consumer choice due to scarcity, Choosing between two items because you can't have both

A market socialist or planned economy is one in which

government = most control market = little control

A subsistence economy is one in which

there is no surplus, only enough produced to service self

A market capitalist economy is one in which

market=most control government=little control

something that makes life more pleasant

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Economics Basics

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Revision for Year 8 Economics assessments

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Questions 15

Answers

1
Scarcity refers to the fact that
we don't have enough money
we have to choose between renewable & nonrenewable resources
there are not enough resources
we have unlimited wants and limited resources
2
Land/natural resources
is land that is used to grow or raise products
are thoughts and actions of humans used to produce items
come from nature and are used to create products
3
What type of company has PTY LTD after its name?
Private company
Public company
Franchise
Limited liability company
4
Which is not a factor of production?
Enterprise
Money
Labour
Land
5
Someone who uses products/services is
a consumer
an entrepeneur
a shopkeeper
a producer
6
Capital resources refer to
the infrastructure and equipment used to create products
the thoughts and actions of humans to create products
the money used to support a business
7
A need is
a product/service required for survival
anything you can justify having
something that makes life more pleasant
chocolate
8
A barter economy is one in which
government = most control market = little control
there is no surplus, only enough produced to service self
no money changes hands, only trades
market=most control government=little control
9
What is opportunity cost?
The price of setting up a franchise
Not taking an entrepreneurial risk in business
Having to give up on consumer choice due to scarcity
Choosing between two items because you can't have both
10
Someone who makes products/services is
a consumer
a producer
an entrepeneur
a shopkeeper
11
What kind of business has one person liable for all losses and gains and for all decisions?
Partnership
Sole Trader
Private company
Autocracy
12
A market socialist or planned economy is one in which
no money changes hands, only trades
market=most control government=little control
there is no surplus, only enough produced to service self
government = most control market = little control
13
A subsistence economy is one in which
no money changes hands, only trades
market=most control government=little control
there is no surplus, only enough produced to service self
government = most control market = little control
14
A market capitalist economy is one in which
government = most control market = little control
no money changes hands, only trades
market=most control government=little control
there is no surplus, only enough produced to service self
15
A want is
chocolate
anything you can justify having
something that makes life more pleasant
a product/service required for survival

Economics Basics Flashcards | StudBud