The Government gives money to you through...

tax returns and welfare payments

ENTERPRISE refers to...

Ideas used to combine the other factors of production

machines and buildings used in production

In ECONOMICS inflation is a cause of which of the following?

a general increase in the prices of goods and services

Why do countries experience increasing unemployment rates?

overseas competition for jobs and production, the increase in technology replacing unskilled labour

How can we legally fix the problem of unemployment?

upskill - learn new skills as required

The Global Financial Crisis is a reason for...

a increase in unemployment rates in some countries in 2007/8

What is disposable income?

The money you have left to spend after deducting taxes

businesses, companies and producers

Scarcity refers to...

a limit of resources to satisfy all our needs and wants

A method for legally increasing your disposable income includes

submit a tax return at the end of a the financial year, keep evidence of tax deductions

Raw Resources used in production

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Year 10 Economics Basics

23 termsStudBud Administration26 plays

Covers; - Needs and Wants, - Factors of Production - CELL - 3 Economic Questions - Circular Flow of Income - Planned, Free Market and Traditional economies - Opportunity Cost

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Questions 23

Answers

1
The Government gives money to you through...
providing a safe community for you to live in
Investment
Goods
tax returns and welfare payments
2
An example of Land would be...
Fishing rod
Boat design
Fish
Fisherman
3
Select the best answer - a countries' economic performance can be measured by
Opening hours of supermarkets and unemployment
The height of its buildings and megastructures
The unemployment rate, GDP
GDP and number of cars per person
4
The 'Business sector' refers to...
Other countries
Banks
Consumers
Corporations
5
ENTERPRISE refers to...
People used in production
Raw resources used in production
Tools used in production
Ideas used to combine the other factors of production
6
CAPITAL refers to...
Ideas used in production
People used in production
Raw resources used in production
machines and buildings used in production
7
LABOUR refers to...
Tools used in production
People used in production
Ideas used in production
Raw resources used in production
8
In ECONOMICS inflation is a cause of which of the following?
a general increase in the prices of goods and services
Kayne West's huge ego
a balloon bursting
the mining boom
9
An example of CAPITAL is a...
branding of 'Cadbury' as chocolate
A hairdresser
Tractor
Mango
10
If I choose to spend my money on fruit rather than technology, what is it called...
the Circular flow of income
Scarcity
Opportunity cost
the Factors of production
11
An example of Labour would be...
Pot plant
Whiteboard
Curriculum
Teacher
12
An example of Enterprise would be...
Toaster
Factory worker
Packaging design
Cocoa
13
Why do countries experience increasing unemployment rates?
Surf is up
overseas competition for jobs and production
Generation 'Y' s are just lazy
the increase in technology replacing unskilled labour
14
How can we legally fix the problem of unemployment?
chill
upskill - learn new skills as required
tell everyone they are only allowed to have 'one child'
spend your money wisely
15
The Global Financial Crisis is a reason for...
increased trade with China
a increase in unemployment rates in some countries in 2007/8
the Wolf of Wall Street
increase in Investments and expenditures
16
What is disposable income?
money you pay for local council to collect your rubbish
The money you have left to spend after deducting taxes
a car loan
blowing your budget
17
Firms include
consumers
public hospitals
businesses, companies and producers
your boss
18
Scarcity refers to...
not having enough brothers and sisters
our ability to satisfy all or goods and services
greedy people keeping all the resources
a limit of resources to satisfy all our needs and wants
19
A method for legally increasing your disposable income includes
submit a tax return at the end of a the financial year
don't submit a tax return
don't apply for a tax file number
keep evidence of tax deductions
20
Which of these is NOT one of the three economic questions?
How to produce
Who to produce for
What to produce
When to produce
21
Households give money to the Government sector through...
Insurance
Goods
Wages
Taxes
22
The 'Household sector' refers to...
Consumers
Corporations
Other countries
Banks
23
LAND refers to...
People used in production
Ideas used in production
Raw Resources used in production
Tools used in production

Year 10 Economics Basics Flashcards | StudBud