Mixed bag
A beef farm is an example of a primary, secondary or tertiary sector business?
Primary
Households provide labour in exchange for
Income / wages
The Government rely on Banks for income tax
The Government rely on Households for income tax
Chupa Chup single
$0.59
A tick that is also called a "swoosh"
Nike
What does GST stand for?
Goods and Services Tax
This flow translates to "spending on goods/serivces"
Expenditure
Firms rely on other firms for their labour
Goods/Services or expenditure
Whittaker's Peanut Slab
$2.69
A green apple (or capsicum?) in the shape of a "W"
Woolworths
Name three real-life examples of a financial sector institution.
ASB, ANZ, BNZ, Westpac, Kiwibank etc.
What flow do banks both give but also receive, from different sectors?
Interest
Firms provide income to households, which allows households to earn revenue
Which allows households to meet their living costs
Coca-Cola 2.25L
$5.29
A social media company that has a "quaver" for their logo.
Tiktok
In the circular flow model, how many of the flows are "real flows" i.e. what flows are not financial?
2 (Labour and Goods/Services)
What is the difference between tax and rates?
Tax is revenue for the central Government, rates are revenue for the council.
A firm closes one of their locations, meaning they will be providing an increase in labour to households.
A decrease in labour to households.
Pams Italian Diced Tomatoes 400g
$1.15
A rectangle with a red box with one dot, and a blue box with two dots.
Dominos
For an achieved level question in the exam, what must you do in addition to naming the "flow" between two sectors of the economy?
Describe what it allows them to do.
What do the Govt provide households? Also provide one example of this flow.
Transfer payments (Unemployment benefit, superannuation, disability allowance etc.)
The Government decide to provide additional transfer payments for young people looking for work. As a flow on effect, this leads to an increase in labour.
This leads to a decrease in labour, as households are provided with a form of income from the Government.
Pams Pure Olive Oil 500ml
$11.09
A red and a yellow circle overlapping as a venn diagram
Mastercard