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What do you remember about Economics? Flashcards | StudBud
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What do you remember about Economics?
What do you remember about Economics?
19 terms
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StudBud Administration
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519 plays
Review of Aus Curriculum Year 8 Content - supply & Demand not included.
Flashcards
19 cards
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Practice quiz
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Host live
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Questions
19
Answers
1
According to the circular flow model we do this with all of our money.
Spend it on Goods and Services
Save it
Spend it on Kylie Jenner
Give it away as resources
2
What is missing from this diagram?
Households
Expenditure
Firms
Income
3
This is needed to provide goods and services that are not profitable to provide in a market.
Banks
Kmart
Government
Households
4
I want to be my own boss but i'm not sure how to turn an idea into a business, I would...
buy a Franchise
find a partnership
be a Sole trader
set up a Company
5
The Australian government tries to influence the economy to keep it productive and growing.
True
False
6
Betty and Veronica want to date Archie. He choses Veronica, what is the opportunity cost?
What does Jughead even do?
Veronica dating Reggie
The chance to date Betty
Moose plays football
7
What is a consumer?
Someone who buys things
Someone who sells things
A product that can be bought
Shoelaces
8
Australia's economy is called this because it has free market with some government involvement.
Totalitarian
Mixed
Communist
Free market
9
This word means that resources are limited.
Scarcity
Economic Problem
Finity
Capitalism
10
What is a good?
A thing that someone does for you
A dancing teacher
My foot
Something that you can see, touch and/or taste
11
Which of these is
not
a factor of production?
Entrpreneurship
Scarcity
Labour
Capital
12
What is a service?
Peanuts
Something that you can see, touch and/or taste
Orange juice
Something that is done for you
13
The circular flow of income model says these are the two main participants in an economy
Stuff & Things
Resources & Income
Goods & Services
Households & Businesses
14
Which of these is an example of a Franchise?
Kwik - E - Mart
Moe's Tavern
The Leftorium
The Android's Dungeon & baseball Card Shop
15
This happens if one partner leaves the partnership.
A new business must be set up to continue trading.
All of these are correct.
The partnership agreement ends
The business structure ends
16
What business structure would I prefer if I want to get an influx of capital (money) to grow?
Partnership
Company or corporation
Franchise
Sole traer
17
These people determine what to produce and sell
Homer Simpson
Archie
The producers
The government
18
If there is no demand for a good or service...
The government would make it.
It is expensive.
You will have to look hard for it.
Producers will not supply it.
19
Economics is the study of human behaviour with respect to allocation of scarce resources.
True
False
