Which describes the factor of production called 'capital'?

Money, machinery & buildings businesses use to make products

People who buy goods and services to use

What is a mixed economy?

The government controls part of the economy (Australia)

The amount of a good & service consumers will buy at a price

The law of demand is...

As product's price lowers, a higher quantity is demanded

Describe the labour market

Workers sell skills, knowledge & effort to employers

What are 5 business types in Australia?

Sole trader Partnership, Corporation Cooperative Franchise

What are the four types of market?

Labour, housing, stockmarket, foreign exchange

What do you need to do when making a graph?

1. Label axes 2. Number axes 3. Title 4. Ruler to join dots

Which of these is described as the "economic problem"

Having unlimited needs & wants but limited resources

What does the circular flow model represent?

Interdependence between consumers & producers in our economy

The total amount of goods & services available to consumers

What are the four factors of production?

Land, labour, capital & enterprise

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Year 8 Economics

21 termsStudBud Administration243 plays

Week 1 & 2

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Questions 21

Answers

1
Which describes the factor of production called 'capital'?
Natural resources such as fish
Employees that businesses need to produce goods & services
Money, machinery & buildings businesses use to make products
2
What is a consumer?
Someone who eats food
People who buy goods and services to use
People who sell goods in the market
3
What is a mixed economy?
The government controls part of the economy (Australia)
Powerful businesses rule the country
Supply and demand control the economy
4
Does 'price' go on the x or y axis when graphing the law of demand?
y axis (vertical)
x axis (horizontal)
5
Define demand
The amount of a good & service consumers will buy at a price
The amount of goods & services available
How much someone wants something
6
The law of demand is...
As product's price increases, a higher quantity is demanded
As companies lower prices of products they earn more money
As product's price lowers, a higher quantity is demanded
7
What are 3 examples of LAND factors of production?
Money, tv, warehouses
Minerals, fish, computers
McDonalds, plants, rainwater
Forests, oil, cows
8
Describe the labour market
Members of an Australian political party
Employers selling skills, knowledge & effort to employees
Workers sell skills, knowledge & effort to employers
9
What are 5 business types in Australia?
Sole trader Partnership, Corporation Cooperative Franchise
Sole Trader Partnership Corporation Franchise Franchisor
Company, Cooperative, Coles, Coolcompany, Corporation
10
What are the four types of market?
Stockmarket, foreign shares, resources, supermarket
Labour, housing, stockmarket, foreign exchange
Parliament, housing, foreign exchange, resources
Housing, capitalism, foreign exchange, democracy
11
What do you need to do when making a graph?
1. Label the x axis 2. Put numbers on y axis 3. Title
Randomly join together some dots without using a ruler
1. Label axes 2. Number axes 3. Title 4. Ruler to join dots
12
Which of these is described as the "economic problem"
Having unlimited needs & wants but limited resources
Pollution
Coles and Woolworths trying to compete for customers
13
Why does the government intervene in our economy?
To decrease the production of harmful goods (externalities)
All of these reasons
To raise revenue for public services
To evenly distribute money among our citizens
14
What does the circular flow model represent?
Interdependence between consumers & producers in our economy
A circle between houses and consumers
The difference between houses and businesses in the economy
15
Define supply
The wants and needs of consumers
The total amount of goods & services available to consumers
A type of economy used in Afghanistan
16
"The higher a product's price, the higher the quantity suppliers will want to make" is what law
The law of supply
The law of consumerism
The law of demand
17
If the price of a product goes down, demand for the product will...
Fall
Rise
Stay the same
18
Which of these 3 economies does Australia have?
Market socialist
Market capitalist
Planned
19
The simple circular flow ASSUMES that there are how many sectors in the economy?
4
8
2
20
What are the four factors of production?
Land, capitalism, labour & enterprise
Land, labour, capital & enterprise
Land, labour, capital & entrepreneurs
21
What is an example of an externality?
Hospitals
GST
Pollution from car factories

Year 8 Economics Flashcards | StudBud