The Market Place and Prices
The shortage of a resource
Scarcity
Australian government's main source of income
Tax
Buying products from another country
Import
Money returned after returning a faulty product?
Refund
What is Obama's last name
Obama
Prices across the economy keep rising. One word?
Inflation
One source where Tax is collected from
Households, Businesses
Selling products to another country
Export
First step to take with an unhappy purchase
Contact Business
ASX stands for
Australian Securities Exchange
The three types of resources are
Natural, Capital, human
Tax charged on money earned
Income tax
The 5 sectors of the Australian economy are Business, Government, household, overseas and ____
Finance
Final step in the complaints process
Legal action
ASIC stands for
Australian Securities and Investment Commission
oppurtunity cost is the value of the next best ______ given up
alternative
Tax charged on Goods and Services
GST
The abbreviation used to measure a country's total economic production?
GDP
What institute administers the ACL
ACCC
An iPad costs $1100, what is the GST paid
$100
The study Concerned with the production, distribution and consumption of goods and services
Economics
Australia's Tax collection agency
ATO
GDP stands for
Gross Domestic Product
What does the ACCC stand for
Australian Competition and Consumer Commission
Prices remain same but the quantity/quality of the product reduces
Shrinkflation