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Year 8 Econ Reivew Flashcards | StudBud
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Year 8 Econ Reivew
Year 8 Econ Reivew
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Review of Aus Curriculum Year 8 Content - supply & Demand not included.
Flashcards
22 cards
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Practice quiz
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Host live
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Questions
22
Answers
1
Australia's economy is called this because it has free market with some government involvement.
Communist
Mixed
Free market
Totalitarian
2
According to the circular flow model we do this with all of our money.
Save it
Spend it on Goods and Services
Give it away as resources
Spend it on Kylie Jenner
3
I have a strong small business, setting up a Master Franchise could be a way to sell my ideas
True
False
4
This hilarious meme it based on the funniest scene in movie history.
False
True
5
Jan wants to go on a trip but must pay her tuition. What is the opportunity cost of studying?
Tuitition
Her studies
Traveling
University
6
This word means that resources are not unlimited
Finity
Economic Problem
Scarcity
Capitalism
7
Betty and Veronica want to date Archie. He choses Veronica, what is the opportunity cost?
The chance to date Betty
Veronica dating Reggie
What does Jughead even do?
Moose plays football
8
Which of these is an example of a Franchise?
Kwik - E - Mart
Moe's Tavern
The Leftorium
The Android's Dungeon & baseball Card Shop
9
If there is no demand for a good or service...
The government would make it.
You will have to look had for it.
Producers will not supply it.
It is expensive.
10
I want to be my own boss but i'm not sure how to turn an idea into a business, I would...
be a Sole trader
find a partnership
set up a Company
buy a Franchise
11
This is needed to provide goods and services that are not profitable to provide in a market.
Kmart
Government
Households
Banks
12
Saving our money and paying taxes are called LEAKAGES from our economy, T or F?
False
True
13
Which is not a factor of production
Entrpreneurship
Capital
Labour
Scarcity
14
The simple circular flow model says these are the two main participants in an economy
Stuff & Things
Goods & Services
Resources & Income
Households & Firms
15
You please some of the people some of the time but not all the people all the time. Is....
Sage advice for the ages
Pure nonsense
An old wives' tale
The Economic Problem
16
What is missing from this diagram?
Households
Firms
Expenditure
Income
17
This happens if one partner leaves the partnership.
The business structure ends
All of these are correct.
The partnership agreement ends
A new business must be set up to continue trading.
18
These people determine what to produce and sell
Archie
The producers
The government
Homer Simpson
19
The Australian government tries to influence the economy to keep it productive and growing.
True
False
20
Year 9 Economics will be a blast to learn why this meme is clever AND funny.
True
True
True
True
21
Economics is the study of human behaviour with respect to allocation of scarce resources.
True
False
22
If need to take out a big big loan to grow my business, what business structure would I prefer?
Partnership
Franchise
Sole traer
Company or corporation
