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Economics revision Flashcards | StudBud
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Economics revision
Economics revision
24 terms
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StudBud Administration
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89 plays
pre-CAT revision
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
which institution lends money so businesses can get started?
not-for-profits
banks
government
private investors
2
'Not having enough money for everything you want to buy'
is an example of....
demand
economic scarcity
economic depression
suppply
3
if demand stays the same while supply drops, what will happen to the price of a good/service?
it will fluctuate wildly
it will go up
it will go down
it will stay the same
4
if demand goes up, but supply does not, what will happen to the price of a good/service?
it will stay the same
it will go down
it will go up
it will fluctuate wildly
5
which are examples of "wants"?
PS4
food
water
wifi
6
"Needs" are...
things that make our lives better
Things that are essential for some people but not all
Things that are essential to make life comfortable
Things that are essential for our survival
7
Applying a Recommended Retail Price (RRP), matching competitor pricing and adding markups are:
Legal pricing practises
Immoral pricing practises
Illegal pricing practises
Illogical pricing practises
8
A big company setting their prices below a smaller competitor to try eliminate them is...
price fixing
set sale price
price gouging
predatory pricing
9
Luring customers with low-priced items but then only having expensive items available is...
bait-and-switch advertising
refferal selling
fishing expedition marketing
bait advertising
10
"Wants" are...
Things that are essential for some people but not all
things that make our lives better
Things that are essential for our survival
Things that are essential to make life comfortable
11
the amount of a particular good/service in the market is known as...
supply
deficit
surplus
demand
12
Producers telling retailers what price they MUST sell their good/service for is...
price gouging
predatory pricing
set sale price
price fixing
13
if demand and supply stay at a static level, what will happen to the price of a good/service?
it will fluctuate wildly
it will go down
it will stay the same
it will go up
14
any place where goods and services are exchanged for money is called a..
Exchange
Amazon
Meercat
Market
15
a producer is someone who...
uses goods and/or services
buys goods and/or services
sells goods and/or services
thinks up goods and/or services
16
How does the Government participate in the economy?
it collects taxes, levies and tarrifs
buys and sells ans producer/consumer
it spends money on public services and infrastructure
it sets regulations and laws
17
the factor that describes the degree in which people want a particular good/service is
surplus
deficit
demand
supply
18
a consumer is someone who...
uses goods and/or services
sells goods and/or services
thinks up goods and/or services
buys goods and/or services
19
Advertisements that make claims about a product that are untrue are called...
mistaken and deadbeat conduct
bait advertising
contradictory advertisements
Misleading or deceptive conduct
20
Agreeing with your competitors to sell the same/similar product for the same price is...
predatory pricing
price fixing
set sale price
price gouging
21
A group of customers who share a set of characteristics for whom a product is made for is...
target audience
market target
target market
demographic
22
A
demographic
is usually based on things like..
ther marketshare of a good or service
age, race and gender
inflation rates and GDP
income, hobbies and likes
23
if demand goes down while supply remains high, what will happen to the price of a good/service?
it will go up
it will fluctuate wildly
it will go down
it will stay the same
24
which are examples of "Needs"?
water
PS4
food
wifi
