We love Economics!

The acronym GDP stands for... 

When calculating GDP, which is the amount that we SUBTRACT?

What are the four factors of production?

______________ is what we've missed out on by choosing to use resources in one way over another

What are the basic economic question(s) every society must ask?

When there is a surplus, producers will ________ prices to attract more buyers.

When demand from consumers for a product or service equals the supply from producers, we have

_________________ means we rely on others and others rely on us to provide goods and services.

Books, shoes, cars, iPhones are all an example of a....

____________ is not having enough resources to produce things people need and want.

Which economic system best describes what we have in Australia? 

This graph is a _____________ curve.

_________ is the study of how people try to satisfy wants & needs through the use of resources.

Price mechanism refers to ___________________________.

When the quantity available is greater than the demand, this situation is referred to as a ____

This graph is a ______________ curve.

Which is NOT an example of the Australian Government influencing the Australian economy?

Who are the main groups working towards solving the economic problem? 

A sustained, upward trend in the economic cycle is usually referred to as ____________

When demand for products is greater than the avaliable supply, this is referred to as a _______