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Business and Economics Flashcards | StudBud
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Business and Economics
Business and Economics
30 terms
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Year 9 Australian Curriculum Standard
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
What are the four resource sectors?
Land, invention, machinery, market
Business, machinery, worker, producer
Land, labour, capital, enterprise
Land, producer, consumer, household
2
What is a consumer?
Someone who purchases goods and services
Someone who sells goods and services
3
Producers are individuals who provide goods and services.
True
False
4
A hairdresser is a labour resource.
False
True
5
What are the three main areas in the Government sector?
Labour, state and territory, local
Federal, state and territory, local
Government, state and territory, local
Consumers, producers, concil
6
What is a man made resource called?
Labour
Capital
Land
Enterprise
7
Tickets for a football game is a service.
True
False
8
Marketing is mostly part of the ___________ sector.
Labour
Enterprise
Capital
Land/natural
9
What makes up the market system?
Consumers and producers
Labour and enterprise
10
Which of the following belong under capital?
Factories
Brainstorming ideas
Leather
Factory workers
11
A need is...
Goods or services people want
Goods or services that are high in demand
Essential for life
Not essential for life
12
What are free goods?
Needs that are essential for life
Wants that are not essential for life
Resources that are not limited in comparison to the demand for it
Products or services that only one person wants
13
The Australian economy consists of consumers, producers, Government, and financial institutions.
True
False
14
The household sector is made up of producers.
False
True
15
What do producers do?
Buy goods and services
Use goods for personal use
Study human behaviour
Provide goods and services
16
What is entrepreneurship?
To develop an idea into a business
A way to make large amounts of money
A person who creates businesses
A failed business
17
What are the three main sectors of economics?
Primary, secondary, tertiary
Secondary, goods, services
Primary, secondary, scarcity
Wants, needs, services
18
The economic problem is when limited resources have limited needs and wants.
False
True
19
Which of these is a natural resource?
Paper plate
Paper
Bamboo
Bamboo straw
20
Define scarcity.
Too many needs and wants, not enough resources
Wants and needs that are not essential for life
Too many resources not enough demnad
Not enough resources to produce products
21
When imports < exports there is a trade deficit.
False
True
22
What is the definition of trade?
Exchanging of goods and services for a price
All of the above
Winning a goods or services from lotteries
Receiving goods or services for free
23
A market is the relationship between producers and consumers.
True
False
24
What type of resource is wood?
Enterprise
Capital
Land
Labour
25
The household sector is a part of the financial sector.
False
True
26
Which of the following is not a good?
Jeans
Concert
Car
Chocolate
27
The market system is made up of...
Manager and producer
Consumers and producers
Laborers and consumers
People and consumers
28
What is not a capital resource?
Car
Cardboard
Tree
Shoe
29
The household sector equals the...
Goods it provides
Services it provides
Producer
Consumer
30
The financial sector is made up of banks and credit unions.
True
False
