Factors of Production
What is the factor of production that includes natural resources?
Land
What is money that is owed called?
Debt
A term deposit is an example of which type of investment?
Interest-earning investment
What do we call a scam that pretends to raise money for a good cause?
Charity scam
What do we call creating a new product or technology?
Innovation
What is a share?
A small part of ownership in a company.
What is the factor of production that refers to human effort and skills?
Labour
What is the cost of borrowing money or the reward for saving money?
What is superannuation money saved for?
Retirement
A stranger calls saying you won a prize. What type of scam is this?
Prize scam
Creating a new marketing technique is an example of what?
Innovation
What is phishing?
Fake messages trying to steal passwords or information.
What is the factor of production that includes tools, machines, and equipment?
Capital
What should a person do if they are being charged too many bank fees?
Switch to another bank or account
Name one example of a high-risk investment.
Shares, crytocurrency
Give one way to avoid being scammed online.
Don’t click unknown links
Why do businesses innovate?
To stay competitive and meet customer needs.
Give one example of good debt and one example of bad debt.
Good debt: student loan/home loan. Bad debt: credit card debt/payday loan.
What are the four factors of production?
Land, labour, capital, enterprise
What does “investment risk” mean?
The chance of losing money when investing
Why is investing considered risky?
Investments can lose value
What is a financial scam?
A trick used to steal money or information
What does the term “target market” mean?
The specific group of consumers a business wants to sell to.
Why should you avoid using public WiFi for banking?
It's not secure and can expose your information.
How do three factors of production help produce milk?
Land = grass/water;
Labour = farmers;
Capital = milking machines/equipment
How does a bank mainly participate in the economy?
By lending money
Name two ways to reduce investment risk.
Diversify investments;
Research before investing
Name three ways to avoid being scammed.
Use strong passwords; check official sources; ignore suspicious messages
What are the three economic questions all economies must answer?
What to produce, how to produce, for whom to produce
What is the main difference between a credit card and a debit card?
A debit card uses your own money; a credit card uses borrowed money.