Economics
Limited resources but unlimited wants
What is scarcity
Things that people must have to survive
What are needs
Things that people would like to have but can live without
What are wants
What is addiction?
In a planned economy, they own all factors of production.
What is the government
Someone who buys goods and services
What is a consumer
What are services?
Tangible items that people consume or use
What are goods
Goods and services purchased from overseas
What are imports
Increase in the CPI over a period of time
What is inflation?
The social science that studies the production, distribution, and consumption of goods and services.
What is economics?
Argentina on 18 December 2022
Who is most likely to win the World Cup 2022?
The effort people contribute to the production of goods and services
What is labour?
PES=0
What is a perfectly price inelastic supply curve?
This person who organised the factors of production in a firm.
What is an entrepreneur?
The act of increasing direct taxes and/or decreasing government spending to affect aggregate demand.
What is contractionary fiscal policy?
A good which leaves a country and is sold to another.
What is an export?
A store receives 1000 rolls of toilet paper and 200 people need it. What is the economic term for the amount of product?
What is surplus?
Measures the total income of every person in a country and total production of resources
What is GDP?
Economic system in which the government controls and sets prices
What is command/planned economy
2 July 1997
When did the 1997 Asian Financial Crisis start?
The International Trade Union Confederation (ITUC)
What is the largest trade union in the world?
S$1.35
What is the exchange rate for the US$?
The trigger for the 2008 global economic recession
What are sub-prime mortgages?
The year of black Tuesday (first day of the Great Depression)
What is 1929?