KEY CONCEPTS
PARTICIPANTS IN AN ECONOMY
HOW THE ECONOMY WORKS
GLOBAL ECONOMY
100
IT IS THE STUDY OF HOW SOCIETY SATISFIES UNLIMITED WANTS WITH LIMITED RESOURCES?
WHAT IS ECONOMICS?
100
THEY PRODUCE GOODS AND SERVICES, AIM TO MAKE A PROFIT, PAY WAGES, PAY TAXES, BORROW MONEY AND IMPORT GOODS AND SERVICES
WHAT ARE PRODUCERS?
100
NATURAL, LABOUR AND CAPITAL
WHAT ARE RESOURCES?
100
THE INCREASING INTERCONNECTION OF PLACES AND PEOPLE AROUND THE WORLD
WHAT IS GLOBALISATION?
200
IT EXISTS BECAUSE HUMAN DESIRES ARE INFINITE
WHAT IS SCARCITY?
200
THEY BUY GOODS AND SERVICES, EARN A WAGE AND SALARIES, PAY TAXES, RECIEVE GOVERNMENT BENEFITS AND SAVE
WHAT IS A CONSUMER?
200
COAL, FISH AND WOOD
WHAT ARE NATURAL RESOURCES?
300
LAND, LABOUR, CAPITAL AND ENTERPRISE
WHAT ARE THE FACTORS OF PRODUCTION?
300
THEY CHARGE TAXES, PAY WAGES, SPEND ON GOODS AND SERVICES, BORROW MONEY AND PROVIDE BENEFITS
WHAT IS THE GOVERNMENT>
300
MAKING THE BEST CHOICE WITH LIMITED RESOURCES
WHTA IS OPPORTUNITY COST?
400
WHAT TO PRODUCE, HOW TO PRODUCE AND WHO BENEFITS
WHAT ARE THE THREE FUNDAMENTAL ECONOMMIC QUESTIONS?
400
THEY HOLD SAVINGS. LEND MONEY, AIM TO MAKE A PROFIT AND PAY TAXES
WHAT IS A FINANCIAL INSTITUTION?
400
FACTORS OF PRODUCTION ARE OWNED BY PRIVATE ENTERPRISE
WHAT IS A MARKET ECONOMY?
500
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WHAT IS THE CIRCULAR FLOW MODEL?
500
INDIVIDUALS IN THE AUSTRALIAN ECONOMY THAT DECIDE TO SET UP A BUSINESS TO MAKE A PROFIT.
WHAT IS A FREE ENTERPRISE?
500
RESOURCES IN THE ECONOMY THAT ARE OWNED BY BOTH THE GOVERNMENT AND PRIVATE ENTERPRISE
WHAT IS A MIXED ECONOMY?