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ECONOMICS YEAR 9 Flashcards | StudBud
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ECONOMICS YEAR 9
ECONOMICS YEAR 9
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Revise the basics of economics
Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
imports are a _________ in the economy?
sold overseas
injection
savings
leakage
2
What resources are needed to increase to fuel economic growth?
Capital, Buildings & People
Food, Land & Mining
MIneral, Coal & Oil
Natural, Human & Capital
3
What is free trade?
finance
getting free items from overseas
getting a fair price for low income workers
international trade without tariffs, quotas, or other restrictions
4
What does GDP measure?
The amount of products sold
The individual value of products
The happiness of a population
Economic Growth of a country
5
exports are a _________ in the economy?
bought from overseas
savings
leakage
injection
6
Resources are
used in the production of services
land, capital, enterprise
are also known as the factors of production
land,labour, capital
7
What is GDP?
How many imports a country bought
How much each person makes in a country
How many exports a country sold
Market Value of goods produced by a country over time
8
What does HDI measure?
Life expectancy, years of education, standards of living per capitia
Person income, happiness, education
The happiness of a population
Life expectancy, personal income, standards of living per capitia
9
A need is something.
Something you desire in order to survive.
Something you want in order to survive.
You need in order to survive
Something that you desire.
10
What is a tariff?
the amount of product that can be imported or exported
an agreement that countires sign
the tax a population pays on their income
a tax that is paid on imports and exports
11
What are Goods?
Items we consure to staisfy our needs and wants
Items that are essential for our everyday survival
Jobs or tasks what we pay others to perform for us
Items we desire but are Not essential for our survival
12
Australia's number one export is
Tourism
Natural Gas
Iron Ore
Coal
13
What is NOT an advantage of globalisation?
Encourages free trade
Improves working conditions in 3rd world countries
Opens new markets
Drives Economic Growth
14
Opportunity cost
what you give up
limited resources and unlimited wants
choices and wants
the best alternative forgone.
15
To think like an economist involves considering
All of the Above
The opportunity cost of your actions
What you sacrifice when choosing an action
The benefits and costs of your actions
16
Australia tends to import these types of goods from overseas:
Iron ore
Wheat
Electronics
Animals
17
What actions did the Australian Government NOT take during covid?
removed tax for 2 years
decrease in childcare and tax offsets
job keeper payments and cash injections
establishing lockdowns and restrictions
18
What impact has globalisation not had on Australia?
faster communication and more choice of products for Australians
lower standard of living for Australians
closure of car manufacturing in Australia
stronger Australian economy
19
How did Covid not impact Australia?
drop in Australia's GDP
working from home - digital resilience
Increased government spending
increased tourism
20
Resources are known as a
land
real flow
money flow
goods
21
The Circular Flow of Income model shows the relationship
between leakages and injections
Describes flows of resources, goods, services for economy.
money and real flow
major sectors of the economy
22
Expenditure is known as
real flow
money flow
savings
investment
23
What does GDP stand for?
Gross Domestic Producer
Gross Domestic Product
Gross Demand Product
Gross Demand Producer
24
Which of the following best describes the economic problem?
LImited wants, limited resources
Limited wants, unlimited resources
Unlimited wants, limited resources
Unlimited wants, limited needs
25
Which of the following is NOT a resource?
Steel worker
Credit card
Road bridge
Farmland
26
Economics is
solving the economic problem.
The relationship between ends and scarce means.
A science that studies human behaviour.
satisfying needs and wants with limited resources.
27
When we buy a good or service from overseas we call this an...?
global good
export
import
expense
28
How did Covid impact Australia?
increased travel
easy transport of products
increased incomes for households
business closure and loss of jobs
29
What is economic growth?
When the population grows
When no growth has occurred for 6 months or more
When unemployment drops
When more goods and services are produced than previous year
30
The economic problem is expressed in a simple fashion as:
most people and countries in the world are poor
productive resources are limited relative to human wants
our natural resources are running out
certain goods are fixed in quantity
31
What is a quota?
the amount of product that can be imported or exported - restrictions
the tax a population pays on their income
an agreement that countries sign
the minimum amount of product someone can purchase online
32
refers to expenditure by the government
income
savings
taxation
government spending
33
How many units are sold when the price is $4?
10
20
40
70
34
What is a trade war?
when countries are excluded from trading
when countries refuse to trade with each other
when a countries impose tariffs and quotas on each other's imports
when two countries embark on a military campaign
35
the 4 key questions all economies must answer are:
what, how, much, whom to produce
when, how, whom, what to produce.
what, where, how, whom to produce.
where, when, why, how to produce.
36
What is Ms Lancaster's favourite colour?
red
tangerine
turquoise
indigo
37
What is a competitive edge?
having to close your business
losing customers
bad mouthing other businesses
having an advantage/ different product that encourages more business
38
What is fair trade?
trading the same value items with one another
Making a small purchase so everyone has access to some
When producer in less developed countries get fair prices for their produce
Getting free items from overseas
39
Australia has what type of economic system?
subsistence economy
market socialist economy.
planned economy
market capitalist economy
40
Australia's number one trading partner is
China
Japan
India
USA
41
Income includes
rent,wage, profit, salary
rent, wage, interest and profit
rent, profit, money, income
rent,savings, labour, capital
42
The economic problem is
limited resources and limited wants that cause scarcity.
caused by opportunity cost.
unlimited wants and limited resources that cause scarcity.
caused by unlimited resources and wants.
43
What is a TNC?
Tender National Company
Tender Nitro Chicken
Transnational Corporation
TransNational Company
44
A characteristic of a want is that...
everyone has one
they change in the stages of a person's life.
they are limited
they can be desired
45
A want is
air
water
shelter
flavoured water
46
3 important players that influence Microeconomy are Consumers, Producers and Goods and Services
False
True
47
What are Services?
Items we desire but are NOT essential for our survival
Items we consume to satisfy our needs and wants
Items that are essiential for our everyday survival
Jobs or tasks what we pay others to perform for us
48
Which four issues affect Australia's economic environoment?
Monetary System, Banks, Government, Economic Growth
Economic Growth, Resources, Scarcity, Employment
Inflation, Banks, Governments, Capital
Inflation, Unemployment, Economic Growth, Monetary System
49
What does GPI (Genuine Progress Indicator) measure?
Life expectancy, years of education, standards of living per capitia
Person income, happiness, education
Life expectancy, personal income, standards of living per capitia
The health of the economy, environmental factors, social factors
50
A factory that packs sultanas into boxes for sale is part of which industry?
Secondary
Quartiery
Tertiary
Primary
