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8 Bus Ec - Australian Market Flashcards | StudBud

Explore/8 Bus Ec - Australian Market

8 Bus Ec - Australian Market

11 terms·StudBud Administration·126 plays

#juniorbusiness #australianmarket

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Questions 11

Answers

1
The Law of supply tells us that a larger quantity of a product will be supplied by producers at
a lower price than a higher price
a higher price than a lower price
at a medium price
none of the above
2
The market is _____when quantity of a product demand and supplied at particular price is equal.
Low
Equilibrium
High
Neutral
3
An Economic System is used to decide what?
All of the above
For whom to produce
What to produce
How to produce
4
The following are examples of what? Baby bonus, Disability payments, unemployment benefits?
Tax dollars
Welfare payments
Free money
People getting money
5
The way a country manages the distribution of scarce resources is known as...
Politics
Government
Resource Management
Economy/ Economic System
6
What is a Market?
Somewhere that only sells fruit
Pop up stalls on a weekend
organised exchange of economic resources, goods and services
Place for hipsters to go to Instagram awesome food and drink
7
A hospital is an example of what?
Government influence
Strong economy
Positive economic growth
Good labour market
8
The Labour market is where what happens?
All of the above
a wage is negotiated between buyers and sellers of resources
Suppliers of workers is the household sector
wage reflect the relative scarcity of each type of worker
9
Which are the main components in the 4 sector model?
Finance, Imports, Exports & Household
Household, Business, Taxation & Consumers
Business, Finance, House & Exports
House, Business, Government & Finance
10
When the three economic questions are not answered efficiently by the market, who helps out?
Government
Citizens/ voting
Suppliers
Businesses
11
What Economic System does Australia run on?
Mixed
Command
Traditional
Market