Economic Problem
Factors used to produce goods and services are called ______________
用于生产商品和服务的要素称为______________
Resources
An economic system where the government makes all the economic decisions about what to produce, how to produce and who to produce for is called ...................
a. Market economy
b. mixed economy
c. command economy
d. important economy
c. command economy
Economics is divided into two main parts. One part is microeconomics, the other part is ______________
经济学分为两个主要部分。一部分是微观经济学，另一部分是______________
Macroeconomics
When a factor of production can easily be moved to another place or location, it is called ___________
a. Occupational Mobility
b. Economic Mobility
c. Geographic Mobility
d. Scientific mobility
c. Geographic Mobility
Tim was given money by his mum to purchase two items; a pair of shoes and a jacket. He purchases the jacket. What is the opportunity of purchasing the jacket?
蒂姆的妈妈给了他钱买两件东西；一双鞋和一件夹克。他买了这件夹克。购买夹克的机会是什么？
The pair shoes
The total demand for a product is known as
a. individual demand
b. supportive demand
c. aggregate demand
d. demand
c. aggregate demand
What is the formula for price elasticity of demand?
PED: Percentage Change in Quantity Demanded / Percentage change in price.
If your answer is correct, you get extra 300 points.
A situation where there is not enough to satisfy everyone's wants is called ______________
无法满足每个人的需求的情况称为______________
Scarcity
When a firm decides to use more capital than labour to produce a good it is described as:
a. capital intensive
b. labour intensive
c. demand
d. supply
a. capital intensive
The study of the behaviour of individual markets, households and firms is called ______________
对个体市场、家庭和企业行为的研究被称为______________
Microeconomics
Which of the following goods are occupationally mobile? You can select more than 1 answer.
a. land for farming
b. coal mine
c. a business person in Shanghai
d. A car
a. land for farming
c. a business person in Shanghai
d. a car
Which of the following is a characteristic of a free good?
A. has an opportunity cost; takes resources to produce it
B. has an opportunity cost; doesn't need resources to produce it.
c. has no opportunity cost; takes no resources to produce it
d. has no opportunity cost; takes resources to produce it
以下哪一项是免费商品的特征？
A.有机会成本；需要资源来生产它
B. 有机会成本；不需要资源来生产它。
C。没有机会成本；不需要资源来生产它
d.没有机会成本；需要资源来生产它
c. has no opportunity cost; takes no resources to produce it
C。没有机会成本；不需要资源来生产它
What is the relationship between price and quantity demanded?
a. Price and quantity demanded have an inverse/opposite relationship
b. They have a positive relationship
c. They have a friendly relationship
d. There is no relationship
a. Price and quantity demanded have an inverse/opposite relationship
When the quantity demanded changes by a percentage greater than the percentage change in price it is called.....
Elastic Demand
I am a type of product. You need other resources to produce me. These resources could have been used for other things. What product am I?
我是一种产品。你需要其他资源来生产我。这些资源本来可以用于其他用途。我是什么产品？
Economic good
Riddle: I am a type of capital good. People use me for their own satisfaction and not to produce other goods and services. What good am I?
谜语：我是一种资本品。人们使用我是为了他们自己的满足，而不是生产其他商品和服务。我有什么好处？
consumer goods
Jason is thinking about why there are so many young people not finding jobs to do in his country. Is this a microeconomic or macroeconomic problem?
Macroeconomic problem
The following is a list of economic resources, In each case decide whether the resource is an example of land, labour, capital or enterprise:
a. a chemical fertiliser
b. a school
c. a natural lake
d. the work of a teacher
a. capital
b. capital
c. land
d. labour
Great! You got free 300 points.
If it is a girl who selected this question, you get extra 100 points.
If it's a lady with the letter '"S" in her name, you double the points. So you have 600 points.
伟大的！您免费获得 300 积分。
如果是女孩选择了这个问题，你会得到额外的100分。
如果是一位名字中带有字母“S”的女士，您的积分就会翻倍。所以你有600分。
Congratulations!
Which of the following does not affect the demand of a product?
a. subtitutes
b. advertising
c. price of the product
d. population
c. price of the product
A fall in price from $4 to $3 causes the demand the extend from 60 to 105.
calculate the Price Elasticity of Demand (PED).
Do it on the board.
Teacher Daniel will solve the problem on the board.
If your answer is correct, you score extra 200 points
Tell which of these goods and services are free goods:
说出以下哪些商品和服务是免费商品：
Wind from the sea; Computer; Education; Oil in the ground; free gift from you dad
Wind from the sea
Oil in the ground
Define demand? Remember to use the key words
Demand is the willingness and the ability to buy a certain good or service
What is the aim of the consumer in the household as an Economic Agent?
家庭中的消费者作为经济代理人的目的是什么？
To buy at low prices and with good quality.
Mention two ways the quality of land could be increased:
a. ___________________
b. ___________________
a. Fertilisers can be applied to the soil 肥料可施于土壤
b. Not throwing waste into rivers 不向河流倾倒垃圾
c. Other reasonable explanations students may provide
Do Economic goods have opportunity costs? Give an example.
_________________________________________
经济品有机会成本吗？举个例子。
Economic goods are produced from resources which have alternative uses. An exmaple is a table. The resource used to produce the table is wood. The good can be used to make a door or a bed.
经济产品是从具有替代用途的资源中生产出来的。一个例子是一张桌子。用于生产桌子的资源是木材。该物品可用于制作门或床。
Mention two differences between change in quantity demanded and change in demand.
1. Change in quantity demanded is seen by a movement along the demand curve, while a change in demand is seen by a shift in the entire demand curve.
2. Change in quantity demanded is seen by a change in only price while a change in demanded is seen by an increase in other factors apart from change in price.
Demand falls from 200 to 180 when price rises from $10 to $12.
Draw the demand curve for this question and calculate the PED.
Teacher Daniel will solve it on the board and if your answer is correct,you get an extra 300 points
What is meant by Economic problem?
This is the situation where unlimited wants exceed (or are more than) finite resources
Opportunity cost is the best alternative forgone.
Examples:
Decide, in each case, whether the following are likely to be the aim of the household, firm or government:
a. A shorter working week
b. Many different sellers for consumer goods
c. Many different sources of raw materials
d. Getting jobs for everone in China
a. Household (worker)
b. Household (consumer)
c. firm
d. government
What is an investment? ______________________
Investment is spending on capital goods.
Investment is what we use to purchase capital goods so that we can get something in return from the goods and services.
Sing a song for 500 points.
唱一首歌500分
If you sang nicely, then the teacher will add 100 points.
唱得好老师加100分
Extention in demand: This is when a decrease in price leads to an increase in quantity demanded.
Contraction: This is when an increase in price leads to a decrease in quantity demanded.
The price of a product rises from $60 to $90. This causes demand to contract from 800 to 600.
Draw the demand curve and calculate the PED.
What type of price elasticity of demand does this product have over this product range? (perfectly elastic / ineleastic / elastic)
Teacher Daniel will help you answer it on the board. If your answer is correct, you get extra 500 points.