The economic problem of scarcity is...

Unlimited wants, limited resources

In the circular flow of income, a leakage is...

Money that leaves households but does not go to firms

In economics a service is:

A task someone completes for a consumer at a set price

In Economics 'resources' are...

used to create goods and services

4 Factors of production are...

Labour, capital, land & entrepreneurship.

What is a competitor in economics?

A similar business which sells similar products.

A mixed market economy is one where decisions are made by...

The government and the interaction between buyers & sellers

The way price can affect the supply and demand of goods and services.

What is an economic system?

The system a government uses to make economic decisions

In Economics a 'good' is defined as:

An item that consumers purchase for a set price

In Economics a 'producer' is...

A company or person who creates goods and services to sell

In economics, 'market' means:

The exchange of goods & services among buyers and sellers

In the circular flow of income, an injection is...

Money that enters firms from a sector other than households

What is the equilibrium price and quantity in this supply and demand graph?

$1.50 and 600 slices of cheese pizza

A market economy is one where decisions...

are made by the interactions between buyers and sellers

The essentials required to survive

Externalities in the market are...

Impacts that activities can have on people not involved in the market.

Which of the following would make demand for jeans DECREASE

60 minutes releases a report: "Are your jeans killing you?

Demand is the amount...

of a good/service a consumer is willing and able to purchase

Economics is the study of ...

the use of resources to make goods and services to satisfy needs and wants.

The study of how people deal with scarce resources

Economics is the study of how people choose:

To use limited resources to satisfy wants/needs

Supply is the amount...

of a good/service a producer is willing and able to produce

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Year 8 Economics Revision 2021

34 termsStudBud Administration228 plays

Test #1 revision!

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Questions 34

Answers

1
The economic problem of scarcity is...
Unlimited resources, limited needs
Unlimited needs, limited resources
Unlimited resources, limited wants
Unlimited wants, limited resources
2
In the circular flow of income, a leakage is...
Money that households pay to firms
Money that leaves households but does not go to firms
Money that leaves firms but does not go to households
Money that firms pay to households
3
In economics a service is:
A task someone completes for a consumer at a set price
An item produced by a business for a consumer at a set price
The cost of running a business
A product that is tangible that consumers buy
4
A surplus occurs when...
Demand is greater than supply
Supply is greater than demand
5
What is the market that sells shares called?
Stockmarket
Factor market
Product market
Retail market
6
In Economics 'resources' are...
infinite
unlimited
used to create goods and services
types of income
7
What is economics about?
All of the above
How individuals work and relate to eachother
The allocation of resources
Human choices
8
4 Factors of production are...
Entrepreneurship, capital, cash & land
Labour, capital, land & entrepreneurship.
Land, Labour, capital & cash.
Entrepreneurship, capital, money & land
9
What is a competitor in economics?
The store next to yours.
A similar business that sell much higher quality products.
Someone who beats you in a race.
A similar business which sells similar products.
10
When the circular flow of income is in equilibrium...
Leakages =/= injections
leakages > injections
injections > leakages
Leakages = injections
11
A mixed market economy is one where decisions are made by...
People's needs
The Government
The interaction between buyers and sellers
The government and the interaction between buyers & sellers
12
Price mechanism
The way price can affect the supply and demand of goods and services.
I don't get it!
The way price can affect the supply and demand of goods and money.
A mechanism of price.
13
A planned economy is one where decisions are made by...
Consumers
Producers
Government
Consensus
14
When the circular flow of income is EXPANDING...
Injections = Leakages
Leakages>Injections
Injections>Leakages
Injections < Leakages
15
What is an economic system?
The system that money follows through an economy
The interaction between supply and demand
The system a government uses to make economic decisions
A bank
16
In Economics a 'good' is defined as:
The 'good' or right economic decision
A job done well
A task that consumers pay someone to complete
An item that consumers purchase for a set price
17
In Economics a 'producer' is...
A company or person who creates goods and services to sell
Someone who creates something
A person who buys goods and services
A person in charge of making a movie
18
When there is a shortage the price of the product will...
Go down
Go up
19
In economics, 'market' means:
Monetary exchanges which take place in markets
A producer which sells only one type of good in a stall
The exchange of goods & services among buyers and sellers
20
In the circular flow of income, an injection is...
Money that enters firms from a sector other than households
Money that enters households from a sector other than firms
Money that enters households from firms
Money that enters firms from households
21
Which of the following is NOT one of the questions the economic problem forces us to ask?
For whom to produce
How to produce
What to produce
Why to produce
22
A shortage occurs when...
Demand is greater than supply
Supply is greater than demand
23
What is the equilibrium price and quantity in this supply and demand graph?
$1.50 and 600 slices of cheese pizza
$600 and 1.5 slices of bread
$1.50 and 600 slices of bread
$600 and 1.5 slices of cheese pizza
24
A market economy is one where decisions...
are made by the government
are made by what people need
are made by the interactions between buyers and sellers
are made by both the government and people in society
25
What is a need?
A tangible good
The quantity of something required
Material things we desire
The essentials required to survive
26
When the circular flow of income is contracting...
Leakages< Injections
Leakages = Injections
Injections > Leakages
Leakages> Injections
27
Externalities in the market are...
Market forces that we cannot control.
Impacts that activities can have on people not involved in the market.
Things that are external to the market.
Something external.
28
Which of the following would make demand for jeans DECREASE
New technology means jeans are easier to produce
60 minutes releases a report: "Are your jeans killing you?
Cotton becomes more expensive
Kylie Jenner says jeans are "the absolute coolest!"
29
Demand is the amount...
of a good/service a consumer is willing and able to purchase
of a good/service a producer is willing and able to produce
30
Economics is the study of ...
socially responsible business.
the exchange of needs and wants.
money.
the use of resources to make goods and services to satisfy needs and wants.
31
When there is a surplus, the price of the product will...
Go up
Go down
32
What is economics?
The study of how people deal with scarce resources
The study of the planets
The relationship between money and people
The study of money, business and consumers
33
Economics is the study of how people choose:
To organise an economy.
To use limited resources to satisfy wants/needs
Spend their money on.
Spend their money.
34
Supply is the amount...
of a good/service a consumer is willing and able to purchase
of a good/service a producer is willing and able to produce

Year 8 Economics Revision 2021 Flashcards | StudBud