Government in the economy
What the government makes people pay them, that is put towards the federal budget
Taxes
A consumer is...
The final user of a good or service
Supply is...
The amount of a product or service being sold by a business
Australia's type of economy
Mixed economy
The country to the west of Spain
Portugal
One way the government intervenes in the economy
Taxes, tariffs, regulation of externalities, subsidies, price control
A producer is...
A person or group that create and/or supply goods and services
Demand is...
2 economies that have features in a mixed economy
Command and market
Amount of states in the United States
50 states
A feature of a mixed economy taken from a market economy
Businesses are privately owned
Supply and demand determine prices of goods and services
An effect on people outside of the consumer and producer in a transaction
Externalities
When consumers don't buy a product that much, demand is...
Lower
What ban is the Australian government going to implement soon to prevent negative externalities of mental health issues and addiction to young people online
Under-16 social media ban
When was the Magna Carta signed by King John III (day and year)
June 15, 1215
A feature of a mixed economy taken from a command economy
Government intervenes to keep things fair
Public services controlled by government
In the circular flow model, the household sector does what for the business sector?
Workers work for businesses
Consumers pay businesses for goods and services
What would happen to a product in low supply and high demand?
The price would be high because there isn't a high supply, of something, but a lot of people want it
What country has Australia implemented a tariff (tax on imported goods) on for all imported goods?
Russia
Which company was originally known as "Blue Ribbon Sports"?
Nike
What is a subsidy?
Financial assistance given by the government to help an individual or business.
What is it called when different markets, people, and businesses rely on each other?
Interdependence
How does new technology impact production costs and consumer preferences?
How detailed and effective the technology is impacts production costs. It impacts consumer preferences because consumers want the best and latest technology.
Why does the Australian government implement tariffs (taxes on imported goods) on specific countries?
So that local producers can sell more of their products, instead of people buying imported goods.
How many dots are on a pair of dice?
42