Mid year test revision - part 2

A circular flow diagram with the ____ in it will best represent a ______ economy.

Collective bargaining can take the form of :

Countries with strong economies have more people working in the tertiary sector than in the primary sector.

Which FOP stands out the most in the secondary sector?

Firms are units that employ the FOP in the goods market to produce goods & services that are sold in the factor market

The local taxis that we see on the streets can be seen as a public service.

From the diagram below, it can be said that

Individuals influence what is produced, marketed and consumed by spending money on their needs & wants. Circular flow is

Households ___ in the factor market and ___ in the goods market.

The _sector is made up various local councils & state owned enterprises & the _sector of the public & their businesses.

Only the private citizens and not the private businesses fall under the constitution.

Where would Mr Adams (customer) get money from to buy flowers?

Private services are there to make a profit and we have to pay for them Eg: Banks, and Taxis

The LRA contains the basic rules, structures and mechanisms that control communication, bargaining, negotiating etc

A market is only where there is physical contact between potential buyers and potential sellers of a good/service.

Government provides households & firms with payments in exchange for ____ from firms and ___ from households.

Which of the following will not be sold in the factor market?

Which of the following is not a market in the circular flow model?

The secondary sector is known by various names like, industrial sector, manufacturing sector, construction sector

The ___ sector involves the extraction of natural & agricultural resources in their raw unprocessed form.

The skills set needed in the the various sectors

The sustainable use of resources in the primary sector is using technology to aid sustainability & productivity. Eg:

Within the 3 sectors of the economy we find another 2 sectors that divide the economy.

From the diagram below, it can be said that

Firms are buyers in the Factor Market and sellers in the Goods Market.

Consumers and producers interact in the markets and cause goods & services & money to flow in various directions.

The secondary sector deals with production, construction & manufacturing.

Sector that performs activities that involve the removal of resources from the ground or sea

Households refer to any individuals, families, or group of people with a joint income who make decisions together.

Nosipho the owner of the Nosipho Flowers is selling her flowers in the

Households buy their FOP from firms/businesses

Households consume goods and services to satisfy their needs & wants. This act is called consumption.

Households engage in consumption only but Firms engage in consumption and production.

Public services are the community & social services provided by the government for the use of all people in the country.

Households receive an income in the form of:

The tertiary sector is also known as the service sector

Aim of the private sector is to satisfy the needs & wants of citizens for goods & services the public sector can't give

Consumers have a direct influence on the

A business that is involved in providing a service can usually be found in the

The goods and services market is known as "the goods market " in the circular flow

The government takes a portion of households income through taxes & puts a portion back in the form of wages.

The efficient and effective use of FOP contributes to the wealth of an economy and the standard of living of citizens.

The following are related to Trade Unions

The person that gets the highest mark for this Quiz should get 2 extra marks in the test! 2nd & 3rd a Chocolate

This Quiz was

Producers make use of two types of capital to fiance their businesses

Flour is an example of a final good and a semi -final good

Expenditure of one sector/participant becomes the income of the other sector/participant.

In the _sector you can find both _goods and _.

FOP are sold in many different markets including The goods market.