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Economics Review Year 9 Flashcards | StudBud

Explore/Economics Review Year 9

Economics Review Year 9

10 terms·StudBud Administration·26 plays

basics of economics factors of production circular flow social enterprises

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Questions 10

Answers

1
A difference between a business and a social enterprise is
only one aims to make a profit
only one pays people wages
only one is owned by a group of people
only one aims to support a community issue
2
The factor of production called capital includes
materials used up in making a product
money
machines
good workers
3
Land is a factor of production that includes
Farm workers
Farm equipment
The farmer
Farm paddocks
4
Resources are
notes and coins
the factors of production
services sold to households
land, labour, lamb chops
5
Banks help households by
making money
lending money
printing money
burning money
6
Businesses need households
To visit once lockdown ends
To make welfare payments to the disadvantaged people
To supply workers
So they can save money.
7
Governments mainly spend on
Essential services and welfare payments
BBQ sausages for election day
Taxes on households and businesses
Waste and mismanagement
8
A social enterprise
only employs people from overseas
aims to make as much profit as possible
is owned by the government
aims to help an issue in society
9
Enterprising skills can only be used by
social enterprises
employees
owners, managers and employees
business owners
10
Opportunity cost is
anything you don't want
how much you pay
the option you chose
the best alternative you didn't choose