where buyers/sellers interact in order to buy and sell

What is the labour market?

workers sell their skills/knowledge and effort to empolyers

What is the Law of demand?

Where a larger quantity is demanded when prices drop

What is the Law of Supply?

higher the price, the more suppliers want to make and sell

unlimited wants and needs, with limited resources

Define the term - Allocation of resources

How resources are divided and then distributed to consumers

What is interdependence?

participants in an economy rely on each other

What is the unemployment rate?

% of unemployed out of all the people who are able to work

What is Standard of living?

level wealth, material goods, comfort and life necessities

What is the Price Mechanism?

the way price effects the supply and demand of g & s

What is the housing market?

where houses are bought and sold

What is the stock market?

where shares in Australian companies are listed on the ASX

What is the foreign exchange market?

different currencies from around the world bought and sold

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Economics Year 8

13 termsStudBud Administration701 plays

Year 8 economics and business content - oxford

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Questions 13

Answers

1
What is a market?
A big tent that houses people for events
a place where you get to make crafty to give to your mum
where buyers/sellers interact in order to buy and sell
where the little pigs went
2
What is the labour market?
workers sell their skills/knowledge and effort to empolyers
where shares in Australian companies are listed on the ASX
where houses are bought and sold
different currencies from around the world bought and sold
3
What is the Law of demand?
lower the price, the more suppliers want to make and sell
higher the price, the more suppliers want to make and sell
Where a larger quantity is demanded when prices drop
Where a larger quantity is demanded when prices rise
4
What is the Law of Supply?
higher the price, the more suppliers want to make and sell
Where a larger quantity is demanded when prices drop
lower the price, the more suppliers want to make and sell
Where a larger quantity is demanded when prices rise
5
What is scarcity?
% of unemployed out of all the people who are able to work
level wealth, material goods, comfort and life necessities
unlimited wants and needs, with limited resources
participants in an economy rely on each other
6
Define the term - Allocation of resources
the unfair process of dividing food to poorer people
all the resources that are needed to create a product
How resources are divided and then distributed to consumers
gov. must allocate resources so one is effected by scarcity
7
What is interdependence?
unlimited wants and needs, with limited resources
level wealth, material goods, comfort and life necessities
participants in an economy rely on each other
% of unemployed out of all the people who are able to work
8
What is the unemployment rate?
unlimited wants and needs, with limited resources
participants in an economy rely on each other
level wealth, material goods, comfort and life necessities
% of unemployed out of all the people who are able to work
9
What is Standard of living?
unlimited wants and needs, with limited resources
participants in an economy rely on each other
% of unemployed out of all the people who are able to work
level wealth, material goods, comfort and life necessities
10
What is the Price Mechanism?
the way price effects the supply and demand of g & s
the way supply effects the price of g & s
the way demand effects the supply and pricing of g&s
the fact that price has no effect on supply and demand
11
What is the housing market?
where shares in Australian companies are listed on the ASX
workers sell their skills/knowledge and effort to empolyers
different currencies from around the world bought and sold
where houses are bought and sold
12
What is the stock market?
where houses are bought and sold
where shares in Australian companies are listed on the ASX
workers sell their skills/knowledge and effort to empolyers
different currencies from around the world bought and sold
13
What is the foreign exchange market?
different currencies from around the world bought and sold
workers sell their skills/knowledge and effort to empolyers
where shares in Australian companies are listed on the ASX
where houses are bought and sold

Economics Year 8 Flashcards | StudBud