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Year 10 Economics Revision Flashcards | StudBud
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Year 10 Economics Revision
Year 10 Economics Revision
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StudBud Administration
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Year 10 end of unit quiz
Flashcards
22 cards
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Questions
22
Answers
1
Which are barriers to trade?
Tariffs, quotas and embargoes
Oceans, mountains, walls
Politicians, voters, parties
2
What does CPI measure?
Imports
Importance
Inflation
Impatience
3
Which of these are non material living standards?
Goods and services, time
location, amenities, healthcare
Low discrimination, preservation of environment
Freedom of speech, adequate leisure time
4
What is specialisation?
What a dr does after medical school
Marketing something well
when something goes on sale
Focusing on one product or service for efficiency
5
When price goes up demand generally goes....
Up
Stays same
Down
6
Why does income distribution vary?
Patterns of workforce participation, access to education
Consumer spending, debt and credit
Government policies, national economic growth
It doesn't
7
What are the characteristics of a market economy?
Price mechanism, economic freedom, private property
Income inequality, taxation, social welfare
Buying, selling, spending
8
What is opportunity cost?
Cost of getting a job
When you miss out on something because of choosing alternate
represents an alternative given up when a decision is made.
9
What is the difference between income and wealth?
Income is money received for work, wealth is all assets
Income is money in the bank, wealth is all assets
Income is all assets, wealth is money received for work
Income is money received for work, wealth is money in bank
10
How do households interact with banks in the 5 sector model?
Savings and loans
Investment
They don't
Imports
11
When has a recession occurred ?
Economic growth fallen for 2 quarters
Economic growth fallen for 3 quarters
Economic growth fallen for 4 quarters
12
What is GDP?
Grand Domestic Product
Gross debt productivity
Gross domestic product
Grand Debt Placement
13
What are the factors that influence consumer choices?
Marketing, age and gender, convenience, ethics
Price, credit, enterprise, productivity
Price, credit, ethics, marketing
Feedback, appraisals, enterprise
14
What is scarcity?
The economic problem
When the canteen runs out of sausage rolls
When you are afraid of something
Unlimited wants and limited resources
15
When supply goes up price generally goes....
Stays same
Up
Down
16
How do consumers decide what to buy?
Flip a coin
Analyse costs and benefits
Gut feeling
Look at what everyone else is doing
17
What is capital?
Letter used at the start of a sentence
Talent
Productivity
Man made or manufactured goods used to make final products
18
Which is NOT included in the 5 sector model?
Government
Consumers
Business
Households
19
How much has extreme poverty reduced by since the Millenium goals were set?
100%
One third
Not at all
Half
20
What is the difference in wealth between the poorest and richest countries today?
100 times
10 times
3 times
13 times
21
What are the types of economies?
Traditional, market, command and transitional
Developed and developing
Poor, middle and rich
22
What is circled in the picture?
Quantity
Price
Demand
Equilibrium
