Markets
Which of the following is not true about markets?
A) they are physical places
B) only goods are served at markets
C) they can be both online and physical places
C) they can be both online and physical places
Write two examples of needs and wants.
Needs: water, jumper
Wants: new book, ice cream
What does supply mean?
What is tax money spent on?
Spent on public services (e.g. roads, schools, hospitals, local pool).
Who was once known as the 'father of economics'?
A) Davis Clark
B) John Jones
C) Adam Smith
D) Daniel Lee
C) Adam Smith
What is the graph called that we use to find the optimal price (market equilibrium) for a goods or service?
Market Mechanism
What is the basic economic problem?
There isn't enough physical resources for the demand.
What does demand mean?
The popularity of a good or service.
How many tax brackets are there?
5
What is an economic system that we currently see in our society (starts with the letter C)?
Capitalism
Name five different types of markets.
Five of:
Finance and banking, Commodities, Retail, Property and Housing, Agricultural, Wholesale, Foreign Exchange, Sport and Leisure, Stocks.
What does the term 'opportunity cost' refer to?
The next best alternative given whenever a choice is made.
More banana trees are being planted.
Will this affect supply or demand?
Supply
How much tax do you have to pay in the first bracket?
$0
Why did Starbucks use round tables in their restaurants?
So customers would feel less alone.
Define the two terms:
1. Producer
2. Consumer
A producer is someone who provides goods or services.
A consumer is someone who buys goods or services.
What are the four factors of production?
Land, Capital, Labour, and Entrepreneurship.
Bess doesn't have access to a sewing machine, so she makes the garments by hand.
Does this affect supply or demand?
If you want to claim payments for your tax that are 'work related', what is that called?
Deductions
What iconic Australian store has been crowned Australia's most trusted brand for the sixth quarter in a row?
Bunnings
What is the type of market called when there is a small percentage of consumers who are interested in a particular product or service (e.g. not wide stream)?
Niche Markets
What does an economist do?
Economists consider how to improve the living conditions of people in their everyday lives.
A Kmart magazine is marketing a fun new product for kids this Christmas.
Does this affect supply or demand?
Demand
Which of these statements is false:
A) In ancient Rome, there was a tax on urine collected from public urinals.
B) Tax returns are due in November in Australia.
C) There is no known civilisation that did not tax.
D) During Peter the Great's time, you could be taxed for having a beard.
B) Tax returns are due in November in Australia
What was Kmart's top product for 2024?
The 50-cent Bubble Mega Wand