Competition can lead to the following advantages for consumers:

cheaper goods and services, better quality

Something that is traded on the stock exchange., Part ownership of a company.

What is market demand?

How much all buyers can buy at a set price over a set time.

What is a listed company?

A company that trades shares on the stock exchange.

What does a demand curve show?

How much someone is willing or able to pay at a given time.

Individual supply is the amount that a producer

is willing/able to put on the market at a given price/time.

Factors that cause supply to change are:

demand, cost of resources, technology

Which of the following factors may cause demand for goods and services to change?

employment, advertising, consumer expectations, availability of alternative goods

can have an unlimited number of shareholders., must provide accounts and reports to the shareholders.

In a capitalist economy...

competition between producers should protect consumers., resources are owned privately.

With the law of demand

As prices decrease demand increases, As prices increase demand decreases

is entitled to all of the profits from the business.

has limited liability for debts.

When a company first lists shares on the stock exchange.

Has a greater range of finance available, has laws to protect partners

In a socialist economy...

the government owns the resources., there is often planned decision making.

A payment made to shareholders once or twice per year.

The following is true about a franchise :

The franchisee has to share profits, The company usually trades as a sole trader or partnership, The original owner sells the rights to use their name.

The amount paid to a stockbroker for purchasing stocks.

What is meant by consumer sovereignty?

Producers produce what the consumer wants to maximise profit

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MYOB

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Questions 25

Answers

1
What is an example of a basic economic problem that is faced by every economy?
What to produce.
How to collect taxes.
How to educate the workforce.
What to import.
2
Competition can lead to the following advantages for consumers:
new goods and services
cheaper goods and services
more choice
better quality
3
What is a share?
Part of the profit made by a company.
Something that is traded on the stock exchange.
Part ownership of a company.
A payment made each year to shareholders.
4
What is market demand?
How much all buyers are willing or able to pay.
How much a buyer is willing or able to pay.
How much a buyer can buy at a set price over a set time.
How much all buyers can buy at a set price over a set time.
5
What is a listed company?
A company with privately held shares.
A company listed at Company's House
A company that trades shares on the stock exchange.
A company who have directors listed with the ATO.
6
What does a demand curve show?
How much someone is willing or able to pay at a given time.
How many people will want good at any given time.
How much someone will have to pay at a particular time.
How much someone is willing to pay at any given time.
7
A private company
can have 5-500 share holders
can have 2-50 share holders
can have 5-80 share holders
can have 1-10 share holders
8
Individual supply is the amount that a producer
can produce for a set price.
is willing/able to put on the market at a given price/time.
has in stock at a given time.
can provide within a given time.
9
The person who supplies the goods is called the...
supplier
producer
market
consumer
10
Factors that cause supply to change are:
demand
fashion
cost of resources
technology
11
What is the term where the price of one good or service is compared to the price of another?
comparative pricing
competitive pricing
relative pricing
capitalist pricing
12
Which of the following factors may cause demand for goods and services to change?
employment
advertising
consumer expectations
availability of alternative goods
13
A public company
can have an unlimited number of shareholders.
must provide accounts and reports to the shareholders.
must have all directors living in Australia.
can have 2 or more directors
14
What is a sector?
A group of similar businesses.
An area within the stock exchange.
range of businesses within a certain distance of each other.
A part of a large business.
15
In a capitalist economy...
competition between producers should protect consumers.
the state owns resources.
resources are owned privately.
income and resources are shared equally.
16
With the law of demand
As prices decrease demand decreases
As prices decrease demand increases
As prices increase demand decreases
As prices increase demand increases
17
A sole trader
has to work alone.
has a wider range of options for finance.
is entitled to all of the profits from the business.
has limited liability
18
A private company
has limited liability for debts.
is directly controlled by the owners.
has to be floated on the stock exchange.
has limited access to business finance options.
19
What is a "float"?
When a company increases the amount of shares available.
When a company recalls shares.
When a company first lists shares on the stock exchange.
When a person adds shares to their portfolio.
20
A partnership
Has a greater range of finance available
has laws to protect partners
Can only be between 2 people.
has limited liability for each person's debts.
21
In a socialist economy...
private companies make the decisions.
the government owns the resources.
there is often planned decision making.
Individuals own the resources
22
What is a dividend?
Something that is traded on the stock exchange.
A payment made to shareholders once or twice per year.
The amount that you make when you sell a share.
The right to vote as a shareholder.
23
The following is true about a franchise :
The franchisee has to share profits
The franchisor supports with start up fees and costs.
The company usually trades as a sole trader or partnership
The original owner sells the rights to use their name.
24
What is brokerage?
The amount paid to a stockbroker for purchasing stocks.
An amount that a stockbroker sells stocks for.
A charge made by the stock exchange to list shares.
A fee paid by a company when selling shares.
25
What is meant by consumer sovereignty?
Producers produce what the consumer wants to maximise profit
The consumer will purchase the goods at any price.
The consumer is King
The consumer is an individual.

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