satisfying needs and wants with limited resources.

The Circular Flow of Income model includes

households and businesses, good and services

unlimited wants and limited resources that cause scarcity.

The government role in the economy includes

National defence, taxes and laws

the 4 key questions all economies must answer are:

what, how, much, whom to produce

A characteristic of a want is that.

they change in the stages of a person's life.

are also known as the factors of production

An example of a want is

the satisfaction of one want generates another

The Circular Flow of Income model shows the relationship

Describes flows of resources, goods, services for economy.

rent, wage, interest and profit

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Hass - Economics Year 9

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Introduce the basics of economics

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Questions 19

Answers

1
A need is something.
Something you want in order to survive.
Something that you desire.
You need in order to survive
Something you desire in order to survive.
2
Economics is
satisfying needs and wants with limited resources.
A science that studies human behaviour.
The relationship between ends and scarce means.
solving the economic problem.
3
The Circular Flow of Income model includes
leakages and injections
households and businesses
good and services
wants and needs
4
Australia has what type of economic system?
market capitalist economy
subsistence economy
market socialist economy.
planned economy
5
The economic problem
is caused by unlimited resources and wants.
unlimited wants and limited resources that cause scarcity.
caused by opportunity cost.
limited resources and limited wants that cause scarcity.
6
The government role in the economy includes
National defence, taxes and laws
removing services, national defence
making it easier for people
making it hard for people to live
7
the 4 key questions all economies must answer are:
where, when, why, how to produce.
what, where, how, whom to produce.
when, how, whom, what to produce.
what, how, much, whom to produce
8
Expenditure is known as
real flow
money flow
savings
investment
9
a producer is...
businesses making products
people buying products
businesses selling products
people selling products
10
refers to expenditure by the government
savings
government spending
taxation
income
11
A worker's role in the economy is to...
earns money
spends money
produce a good or service
all of the above
12
A characteristic of a want is that.
they change in the stages of a person's life.
they are limited
everyone has one
they can be desired
13
resources are
land,labour, capital
land, capital, enterprise
used in the production of services
are also known as the factors of production
14
An example of a want is
something you want
the satisfaction of one want generates another
something you need to survive
wants last a long time
15
A want is
flavoured water
air
water
shelter
16
A reason people save
make a small purchase
look rich
retirement
for fun
17
The Circular Flow of Income model shows the relationship
Describes flows of resources, goods, services for economy.
major sectors of the economy
between leakages and injections
money and real flow
18
a consumer is...
people selling products
businesses selling products
people buying products
businesses making products
19
Income includes
rent, profit, money, income
rent,wage, profit, salary
rent, wage, interest and profit
rent,savings, labour, capital

Hass - Economics Year 9 Flashcards | StudBud