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Economics Concepts Year 9 Flashcards | StudBud
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Economics Concepts Year 9
Economics Concepts Year 9
21 terms
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StudBud Administration
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This Quiz covers all the content covered so far in our Year 9 Economics course.
Flashcards
21 cards
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Practice quiz
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Host live
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Questions
21
Answers
1
Does this diagram express the Law of Supply accurately?
Yes
No
2
What concept does this diagram illustrate?
The Laws of Supply and Demand
Opportunity Cost
Factors of Production
The Economic Problem
3
A change in price causes...
An expansion or contraction in supply or demand.
An increase or decrease in supply or demand.
4
Within economies there are markets. Within markets there are...
Demanders and Consumers
Consumers and Providers
Suppliers and Producers
Producers and Consumers
5
Does the diagram provide an accurate definition of Opportunity Cost?
Yes
No
6
Which one of these is NOT a need?
Food
Water
Shelter
Technology
7
A doctor is an example of what kind of resource?
A capital resource
A natural resources
A vital resource
A human resource
8
Within an economy, people have unlimited...
Needs and Issues
Needs and Wants
Wants and Nothing
Wants and Must-Haves
9
In broad terms, supply and demand can be affected by how many categories?
3
1
4
2
10
Non-Price Factors cause...
Movement along the supply or demand curve
A shift to the left or right in the supply or demand curves
11
Supply and Demand can be affected by...
Price and Non-Profit Factors
Non-Price Factors and Price
Population and Non-Price Factors
Non-Price Factors and Population
12
What is 'market equilibrium'?
The state of the market where quantity is equal to price.
Both of the above answers
Neither of the above answers
The state of the market where supply is equal to demand.
13
When non-price factors affect supply and demand, price stays the same.
False
True
14
Which one of these is NOT a want?
Healthcare
A phone
Latest brand shoes
Technology
15
Scarcity is...
the lack of available resources
the lack of money
the lack of needs and wants
the lack of people in the economy
16
Does this diagram express the Law of Demand accurately?
No
Yes
17
Would these non-price factors affect supply or demand?
Demand
Supply
18
Is it possible for a household to be considered an economy?
No
Yes
19
How do you define an economy? It is a place where...
...there is a government.
...goods and services are sold.
Choices are made: production, use & management of resources
...goods and services are consumed.
20
Which of the following is NOT a factor of production category?
Capital Resources
Natural Resources
Technological Resources
Human Resources
21
Economies have access to resources. We call these...
Facets of Price
Facets of Production
Factors of Price
Factors of Production
