stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Year 7 economics revision Flashcards | StudBud
Explore
/
Year 7 economics revision
How do businesses determine prices?
What is a want?
Year 7 economics revision
29 terms
·
StudBud Administration
·
3 plays
A #economics #revision task
Flashcards
29 cards
F
Practice quiz
P
Host live
L
Questions
29
Answers
1
What is a want?
Needed for human survival.
Things we desire and are non-essential for life
We have an infinite amount of wants
2
How do businesses determine prices?
Price leaders and pricing to what the market bears
RRP
Quotes and percentage markup
All of the above
3
Price leader set the prices instead of follow the prices set by others
False
True
4
What is the Australian economy?
How the world works
Australian, producing, distribution of goods and services
Australian money issues
Free range chicken laws
5
What is the definition of a service?
Nutella
People who make food
A physical thing.
Actions done for you to fulfil needs and wants
6
What are examples of social trends?
Organic foods
Slime
Fidget Spinners
Healthy lifestyle
7
The basic flow if income model involves which things?
businesses
How to get what you want from the government
Households, firms, employees, flow of money between them all
8
What is a producer?
A business
A table
A business that sells goods and services
A person/company that makes goods and services
9
What is the best definition for a business?
An organisation that provides goods and services.
People trying to make themselves famous
A company that makes goods and services to sell.
Rich people who want more money.
10
What is a profit?
The leftover money after all costs have been paid.
All of the above
A funny word.
When you make money
11
What the four factors of production?
Labour, Land, Entrepreneurship, money
Labour, Land, Capital, Entrepreneurship
Workers, food, shelter
ideas, people, clothes, a house
12
What is a price quote?
A famous line by someone famous.
What Mr Williamson teaches us
An estimate of the costs involved in a job plus a profit.
A line in a song
13
How do business owners find out what consumers want?
Carry out market research
All of the above
Examine social trends
Analyse business sales
14
A market is any organised exchange of goods and services for money. Can be physical or online.
True
False
15
What are the five factors affecting customer spending?
money, money, money, money, money
Business, house prices, amount of money, wants, wages
income, job security, wealth, expectations, interest rates
16
What is an example of a need?
Armchair
iPhone X
Food
Water
17
Consumers will get quotes from a number of _______ businesses before choosing the best one.
clever
competing
different
silly
18
Consumers and producers are interdependent
True
False
19
What is an example of a price leader in the supermarket industry?
Woolworths
IGA
Local produce store down the road
Coles
20
What does RRP stand for?
Roasted Red potions
Retail ruins pricing
Recommended retail price
RRP
21
An auction is a good example of what?
Pricing to what the market will bear.
Price leaders
RRP
Price quotes
22
The first steps or opening move in a series of actions for a business
Definition of what action
Initiative.
Vision
Price quote
Innovation
23
You can be any age to become an entrepreneur
False
True
24
How are producers responding to having a healthy lifestyle?
New goods and services
increasing prices
Making more slime materials
Healthier food packaging
25
What is the definition of a good?
Human actions done for you to satisfy needs and wants.
A person who buys stuff
Mr Williamson
Physical items that satisfy our needs and wants.
26
What is the definition of retail?
Discounts
Sale items at Myer
Business that sells goods and services to consumers
Businesses and the money that they make
27
Which is an example of consumer?
Mr Williamson
Miss Smith
Your house tutor
You
28
It is illegal for a manufacturer to dictate a price in Australia
True
False
29
Which are examples of entrepreneurial behaviours?
Innovation and establishing a shared vision
Having money and a place to start the business
All of the above.
Enterprise and initiative
