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Economics revision 2 Flashcards | StudBud
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Economics revision 2
Economics revision 2
20 terms
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StudBud Administration
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253 plays
revision of key terms
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Governments in Australia collect taxes from
only the biggest businesses
businesses and people who earn an income from working
only the wealthy
everyone who lives here
2
Externalities affect ...
traffic congestion
the consumer
society
the producer
3
Workers sell their skills, knowledge and effort in ..
the housing market
the ASX
the labour market
the stock market
4
The law of demand states that ...
when prices increase demand increases
when prices decrease demand increases
when demand increases prices decrease
when prices decrease demand decreases
5
the law of supply is...
consumer led
has an inverse relationship between price and supply
business led
motivated by wages
6
In exchange for their labour, households receive...
goods
salary
services
goods and services
7
Expenditure means ...
the money consumers spend on goods and services
profit
money
income
8
In economic terms the smoke exhaled by a smoker can be seen as ...
a good
a service
an externality
profit
9
People in wealthy nations such as Australia
waste resources
have unlimited resources
have few resources
have access to greater amounts of resources
10
which of the following is not a resource:
Labour
entrepreneurship
profit
Land
11
A public good and service is not ...
roads
a school
a supermarket
a hospital
12
Governments in poorer countries such as Indonesia ...
have very efficient organisation of resources
need more resources to sell to their wealthiest people
cannot organise for resources to be distributed fairly
waste resources
13
The ASX is part of the ...
Housing market
Australian Film Industry
Stock market
labour market
14
equilibrium means that ...
demand = price
price = supply
demand = supply
price = demand and supply
15
In a surplus ...
price = demand
supply outstrips demand
supply outstrips price
demand outstrips price
16
If demand outstrips supply, you have a ...
shortage
equilibrium
market
surplus
17
In the housing market, many people must ...
forget about ever owning a house
pay the bank interest on their loans
pay cash for their houses
build their own house to save money
18
Unemployment, workers' unions, EBA, occupational health + safety laws, belong to which market?
Financial
Government
Housing
Labour
19
One sector in the two sector circular flow model is...
labour
entrepreneurs
households
expenditure
20
The way price can affect the supply and demand of goods and services is known as ...
The law of demand
price mechanisms
The law of supply
equilibrium
