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Yr8 Economics: Circular Flow Flashcards | StudBud

Explore/Yr8 Economics: Circular Flow

Yr8 Economics: Circular Flow

8 terms·StudBud Administration·170 plays

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Questions 8

Answers

1
The household sector is also known as the ______________________?
Business sector
Government sector
Consumer sector
Family sector
2
What is the major law dealing with wages and working conditions called?
Fair work act
Financial act
Welfare act
Business act
3
Households and businesses pay _____________ to the government.
Money
Goods
Services
Taxes
4
What does a market consist of?
Consumers and producers
Needs and wants
Goods and services
Fruit and Vege
5
What are tariffs?
Taxes paid on people entering the country.
Taxes paid by people in the country.
Taxes paid on goods leaving the country.
Taxes paid of goods entering the country.
6
Economic management is often referred to as?
Paying of taxes
A responsibility of the government
The management of the economy
The sorting of money
7
What sector deals with imports and exports?
Port
Overseas
Immigration
Government
8
What are the two main sectors of a circular flow model?
Goods and services
Households and businesses
Consumers and producers
Wages and salaries