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Year 9 Economics - Term Revision Flashcards | StudBud
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Year 9 Economics - Term Revision
Year 9 Economics - Term Revision
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Revision for the upcoming test.
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
Credit cards are an example of?
Identity theft
Scams
Bad debt
Good debt
2
Which of the following is a negative example of globalisation?
Greater competition
New markets created
Environmental degradation
Standard of living improves
3
Unlimited wants and limited resources in known as what?
Economics
Economic problem
A serious problem
Scarcity
4
"If money is used in ways that will help the household make repayments in the future" =
Good debt
Bad debt
5
What happens to demand when price decreases?
Demand increases
Supply increases
Supply decreases
Demand increases
6
"When TNC's produce parts of their product in different countries" is the definition for?
Globalisation
Supply Chains
Transnational Corporations
Economies of Scale
7
The definition of supply is:
When the price increases the demand increases.
When the price increases the supply increases.
When the price increases the demand decreases.
When the price increases, the supply decreases.
8
What are the two main sectors of the circular flow model?
Consumers and producers
Households and firms
Goods and services
Government and financial
9
Supply deals with which sector?
Consumers
Business
Producers
Government
10
Demand deals with which sector?
Consumer
Government
Business
Producer
11
A message saying you can claim a large inheritance is an example of which type of scam?
Personal information
Unexpected winnings
Unexpected money
Dishonest scheme
12
The item your forgo when you make a choice for something else is called what?
Opportunity loss
Economic problem
Opportunity cost
Unlucky
13
What does a market consist of?
Fruit and vegetables
Goods and Services
Consumers and producers
Needs and Wants
14
The demand for nike shoes increase due to a celebrity endorsement is which COPIRATE factor?
Taste and preferences
Advertisement
Expectations of consumers
Cost of credit
15
Which of the following is a positive example of globalisation?
Spread disease
Standard of living improves
Leads to wealth disparity
Erode local cultures
16
A new supermarket opening at gateways is an example of which TENOR factor?
Number of sellers in the market
Price of other goods
Technology
Price of Resources
17
The place where supply and demand meet is called?
Equilibrium
A perfect world
Qe
Pe
