A characteristic of a want is that.

they change in the stages of a person's life.

Another example of a want is

the satisfaction of one want generates another

unlimited wants and limited resources that cause scarcity.

are also known as the factors of production

rent, wage, interest and profit

the 4 key questions all economies must answer are:

what, how, much, whom to produce

The Circular Flow of Income model shows the relationship

Describes flows of resources, goods, services for economy.

satisfying needs and wants with limited resources.

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ECONOMICS YEAR 9

20 termsStudBud Administration934 plays

Introduce the basics of economics

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Questions 20

Answers

1
A characteristic of a want is that.
they change in the stages of a person's life.
they are limited
everyone has one
they can be desired
2
A reason people save
for fun
make a small purchase
retirement
look rich
3
Another example of a want is
the satisfaction of one want generates another
something you want
wants last a long time
something you need to survive
4
exports are a
savings
bought from overseas
leakage
injection
5
A want is
shelter
water
flavoured water
air
6
opportunity cost
what you give up
choices and wants
limited resources and unlimited wants
the best alternative forgone.
7
The economic problem
caused by opportunity cost.
is caused by unlimited resources and wants.
unlimited wants and limited resources that cause scarcity.
limited resources and limited wants that cause scarcity.
8
When a firm spends on capital equipment
capital market
savings
finance
investment
9
Resources are known as a
money flow
real flow
goods
land
10
an example of North Korean economy is
planned socialist economy
planned economy
subsistence economy
market capitalist economy
11
resources are
are also known as the factors of production
land, capital, enterprise
land,labour, capital
used in the production of services
12
A need is something.
Something you desire in order to survive.
Something that you desire.
You need in order to survive
Something you want in order to survive.
13
Australia has what type of economic system?
market capitalist economy
planned economy
subsistence economy
market socialist economy.
14
Income includes
rent, wage, interest and profit
rent,savings, labour, capital
rent, profit, money, income
rent,wage, profit, salary
15
the 4 key questions all economies must answer are:
where, when, why, how to produce.
what, how, much, whom to produce
what, where, how, whom to produce.
when, how, whom, what to produce.
16
refers to expenditure by the government
government spending
savings
taxation
income
17
The Circular Flow of Income model shows the relationship
Describes flows of resources, goods, services for economy.
major sectors of the economy
money and real flow
between leakages and injections
18
imports are a
sold overseas
leakage
savings
injection
19
Expenditure is known as
investment
savings
real flow
money flow
20
Economics is
A science that studies human behaviour.
solving the economic problem.
The relationship between ends and scarce means.
satisfying needs and wants with limited resources.

ECONOMICS YEAR 9 Flashcards | StudBud