🌍 The Economy
$100: What is the economy?
→ The system of how goods and services are produced and used.
$100: What kind of economy does Australia have?
→ Mixed economy. (Triple points)
$100: What is productivity?
→ How efficiently goods and services are produced.
$100: What is a consumer?
→ A person who buys goods or services. (Triple points)
$100: Name one of the 4Ps of marketing - double points for naming two, triple points for naming three, quadruple points for naming four.
→ Product, Price, Place, Promotion.
$200: What is income?
→ Money earned from work or investments.
$200: Name one way the government can support consumers?
→ Financial assistance (centrelink), tax breaks, price ceilings, subsidising (other answers that apply will be accepted).
$200: Name one method of production. Double points if you can name two, triple points if you can name three.
→ Job production, Batch production, Mass production.
$200: Name two factors that influence consumer decisions.
→ Government, economic, psychological, sociocultural. (Double points)
$200: What is a product?
→ A good or service being sold.
$300: What is wealth?
→ The total value of what someone owns.
$300: What does the Australian Competition and Consumer Commission do?
→ Protects consumers and ensures fair competition. (Triple points)
$300: Name a category of productivity (an input businesses use to produce goods and services).
→ Capital, labour, technology, system management, training.
$300: What is marketing?
→ Promoting and selling products.
$300: What is promotion?
→ Advertising or marketing strategies. (Triple points)
$400: What is taxation?
→ Money collected by the government.
$400: What has the Australian Labor government under Albanese recently invested a lot into?
→ Education.
$400: What is just-in-time production?
→ Producing goods only when needed. (Double points)
$400: Johnny buys a pair of Air Jordan's because he wants to be just like Mike, what factor influenced Johnny's economic decision?
→ Sociocultural. (Triple points)
$400: What is a target market?
→ The group a business aims to sell to.
$500: What is redistribution?
→ Government actions to reduce wealth and resource inequality. (Double points)
$500: What is regulation?
→ Government rules to control business behaviour.
$500: Which production method sees each product made individually to customer specification?
→ Job production. (Triple points)
$500: Name one way the government influences consumer decisions.
→ Inflation rates, interest rates, laws/regulations of certain products, tax breaks/refunds. (other applicable answers will be accepted).
$500: Identify a marketing campaign and explain how the company used one of the four P's
→ Mr Morrissey will accept/reject the answer.