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