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Economics: The Basics Flashcards | StudBud
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Economics: The Basics
Economics: The Basics
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Economics: The Basics Year 10
Flashcards
32 cards
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Practice quiz
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Host live
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Questions
32
Answers
1
The basic economic problem is:
We have unlimited resources and limited needs
We have unlimited resources and limited wants
We have limited resources and unlimited wants
We have limited resources and unlimited needs
2
What logo is this?
Red Bull
Gatorade
Big M
V
3
What logo is this?
Beats by Dre
Betts
Beets
Beats
4
What logo is this?
Just do it
Nike
Addidas
Jordan
5
Which of the following is considered a 'want'?
wifi
food
healthcare
water
6
Goods which are considered to have a short shelf-life are called...
food items
useless
durable
non-durable
7
What logo is this?
Samsung
LG
Elextrolux
Westinghouse
8
Which of the following is a macroeconomic issue?
A shortage of bananas due to a tropical cyclone
A rise in the price of beef by cattle farmers in NSW
The level of unemployment in the car manufacturing industry
A sharp drop in the value of the Australian dollar
9
A good ...
Takes up space
Is necessary for survival
Is tangible
Is intangible
10
What is the good or service that is traded on the Australian Stock Exchange
Brand names
Units of ownership in a listed company
Dividends
Cash
11
In a traditional economy, economic decisions are based on:
Religious beliefs
Customs
Tradition
All of the above
12
Which of the following is not a financial resource?
US Dollars
Bank shares
bank loan
credit card
13
Another name for a 'market economy' is
A capitalist economy
A communist economy
A consumer economy
A free market
14
Which of the following is an enterprising resource?
A lollipop lady
Ms. Craze
Car Mechanic
hairdresser
15
Examples of a market economy are:
Singapore
Australia
Hong Kong
Canada
16
'Capital' is also known as:
manufactured resources
financial resources
17
Another term for 'natural resources' is:
raw materials
land
18
Which of the following is considered a 'need'?
mobile phone
transport
healthcare
wifi
19
Economists work for...
Banks and financial institutions
All of the above
Global companies
The government
20
In a planned economy
It is complete anarchy
Consumers control the economy
Producers control the economy
The government controls the economy
21
A mixed economy combines elements of
None of the above
Planned and Traditional
Market and Planned
Traditional and Market
22
A hotel is an example of a business that provides ...
Both goods and services
Services
Goods
Neither
23
A service ...
Takes up space
Is necessary for survival
Is tangible
Is intangible
24
Which of the following is not one of the fundamental economic questions?
What to produce?
How to produce?
When to produce?
For whom to produce?
25
Which of the following is an example of a traditional economy?
Aboriginal Communities
Cuba
North Korea
Seychelles
26
Examples of a planned economy include:
All of the above
North Korea
Zimbabwe
Cuba
27
Relative scarcity in economics means that:
Resources are limited
All of the above
Consumer wants are unlimited
Shortages of goods and services are unavoidable
28
What logo is this?
Caddury
Cadbury
Cabbury
Cabry
29
Microeconomics covers...
Issues such as unemployment, inflation and poverty
Issues that are insignificant to the economy as a whole
Factors that affect the economic condition of a country
Factors that influence individual firms or industries
30
Another term for 'resources' in economics is:
Factors of production
Factors of manufacturing
Factors of productivity
Ingredients
31
What logo is this?
Starbucks
Degani
Gloria Jeans
Sushi Sushi
32
Examples of a mixed economy include:
Iceland
Sweden
United States
France
