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Economics - Term 1 Year 11 Hillbrook Flashcards | StudBud
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Economics - Term 1 Year 11 Hillbrook
Economics - Term 1 Year 11 Hillbrook
18 terms
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StudBud Administration
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Definitions and graphs, oh my!
Flashcards
18 cards
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Practice quiz
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Host live
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Questions
18
Answers
1
From which resource do we extract raw materials?
Land
Oceans
Deserts
Forests
2
What is the alternative forgone in an economic decision?
Opportunity Cost
Opportunity
Specialisation
Cost
3
Which of these market systems is mostly controlled by the government?
Planned
Market
Traditional
Subsistence
4
Resources are combined to make goods or services in...
Substinence
Labour
Production
Capital
5
What is a curve?
No one really knows.
A graph on a line.
A line that is in the shape of a circle.
A line on a graph.
6
What is a tangible item purchased for sale?
Services
Goods
Capital
Money
7
Having the ability to organise resources to start a business is called...
Risk
Labour
Enterprise
Entrepeneurship
8
What type of graph is this? (With blurred text)
Shortage
Expansion
Increase
Surplus
9
Which of these is
not
a characteristic of wants?
Competitive
Complementary
Limited
Changing
10
Which of these is
not
an economic system?
Planned
Subsistence
Substinence
Market
11
The equilibrium market price is when...
Demand and Supply are equal.
Supply decreases.
The product is inelastic.
Supply is in shortage.
12
Another term for Scarcity is...
Factors of production
Unemployment
The Economic Problem
Resources
13
True or False:
The necessity of the item for survival affects the elasticity.
True
False
14
What does this graph show?
An increase in demand.
An increase in demand
A decrease in demand.
A decrease in supply.
15
Which of these people has a grudge against New Zealand?
Clancy Lucas
Felix Gehrke
Elliot Granger
James Brennan
16
Where is somewhere that I would exchange goods and services for money?
Market
Factory
KFC
Supermarket
17
How does this affect the Aussie travel industry?
An expansion in demand
A contraction in demand.
An increase in demand.
A decrease in demand.
18
What is a non-tangible item that we pay others to do for us?
Banking
Driving
Services
Retail
