What's the Term?
What is the term for the reward for working?
Income
Exports are...
... goods or services that are sold overseas.
Government spending can be on things like... (name two)
Imports, hospitals, education, roads and infrastructure, power grids, railways, climate change infrastructure, etc.
Not having a budget means you're more likely to...
Spend money on wants not needs / waste money / not save enough / not be able to reach a financial goal
The rising of prices is called...
Inflation
A refugee is someone who....
Has fled their own town / region / country seeking safety from persecution, climate change / natural disaster, poverty, famine, war, discrimination, etc.
What is a statement of projected income and expenses for the future known as?
A budget
Interest is...
... the reward for saving money in banks.
Why can't the government just spend all the country's money on whatever it wants?
Because there are people and agencies in place making sure they don't break the law / steal money from citizens / use tax money for things they aren't allowed to.
more / less
More
GST in NZ is ____ %
15%
IDP stands for...
Internally Displaced Person(s)
What is the term for the total of everyone who buys goods and services?
Household
The Circular Flow diagram shows us...
... the flow of money around the economy.
GDP is...
Gross Domestic Product
What does each letter in SMART goal stand for?
Specific, Measurable, Achievable, Relevant, and Time-Bound
(or similar)
To buy a home in NZ, most banks require a _____% deposit up front, as in - you have to pay cash for that percentage, it can't be a loan.
20%
Asylum seekers are...
People who have escaped from a country or conflict and are waiting to be let into a safer country / region.
What do we call the total income after taxes or deductions?
Disposable Income
GST is the ...
... tax on goods and services in New Zealand.
How does government spending affect households in the Circular Flow?
More government spending means there will be an increase in production, more employment, greater incomes and increased consumer spending due to more disposable income.
Less government spending could cause the reverse of this.
An example of a "want" is...
Two examples of a "need" are...
New clothes because they're cool, food for your mates at the canteen, streaming services, etc.
Food to survive, a home, clothes to stay warm, etc.
Name three products that NZ is famous for exporting.
Milk / dairy products; meat; fruit; wool; wine; sheep and cattle; kina; wood fiber; coal.
Name three major causes of refugees in the world today.
War; climate change / natural disasters; famine; poverty; armed conflict; persecution; discrimination; etc.
What is the term for the flow of money around the economy?
Circular Flow
What does P.A.Y.E. stand for?
Pay As You Earn
What effects do interest rates have on inflation?
Low interest rates mean an increase in inflation because people are spending more money (loans are more accessible / cheaper; therefore more disposable income) and this pushes up prices for goods and services.
In the Circular Flow diagram, who do Households contribute money to?
Producers (shops, restaurants, etc.) and the Financial Sector (banks, loans, investments)
How did Covid 19 affect businesses in NZ?
Many non-essential businesses couldn't open due to mandatory closures / isolation, and so either struggled financially or went out of business completely. Others, like supermarkets or petrol stations, may have been relatively fine.
Explain one place in the world and the events going on there that are causing refugees. Where are they going, why are they fleeing, etc.
Any correct discussion of a relevant place and event.