We love Economics!

Which is NOT an example of the Australian Government influencing the Australian economy?

When demand for products is greater than the avaliable supply, this is referred to as a _______

When there is a surplus, producers will ________ prices to attract more buyers.

When the quantity available is greater than the demand, this situation is referred to as a ____

Price mechanism refers to ___________________________.

_________________ means we rely on others and others rely on us to provide goods and services.

This graph is a ______________ curve.

_________ is the study of how people try to satisfy wants & needs through the use of resources.

When demand from consumers for a product or service equals the supply from producers, we have

____________ is not having enough resources to produce things people need and want.

What are the basic economic question(s) every society must ask?

What are the four factors of production?

A sustained, upward trend in the economic cycle is usually referred to as ____________

______________ is what we've missed out on by choosing to use resources in one way over another

Which economic system best describes what we have in Australia? 

The acronym GDP stands for... 

When calculating GDP, which is the amount that we SUBTRACT?

Who are the main groups working towards solving the economic problem? 

This graph is a _____________ curve.

Books, shoes, cars, iPhones are all an example of a....