Circular Flow
Model that describes the flow of income between different sectors of the economy
Circular Flow
List one factor of production
Land Labour Capital Entrepreneurship (technology)
A good that people buy from overseas is called an
import
The measure of price increases of products in the economy, year over year
Inflation
Where does Spongebob work
The Krusty Krab
What will happen to the economy over time if exports are bigger than imports?
The economy will grow/expand
When a business aims to sell to a particular group of people, they have a _______ _________
target audience
Australia sells Iron ore to China, this is an example of an
export
People looking for work as a proportion of the total labour force
Unemployment rate
What intellectual property is Plankton constantly trying to steal?
The Krabby Patty Secret Formula
Sector that produces goods and services such as education, defence, and health
Government Sector
When businesses create new products or ways of doing things.
Innovation
List a negative consequence of globalisation
Poor environment, cultural destruction, inequality
A financial instrument that you can buy that represents ownership of a part of a company.
Shares/Stocks
List 3 factors of production for a Krabby Patty
Labour (Spongebob)
Capital (Spatula/Grill)
Natural Resources (Ingredients)
Technology (Secret Formula)
Flows of money in and out of the economy are called
Injections and leakages
Is Australia a
a) Planned Socialist Economy
b) Subsistence Economy
c) Market Capitalist economy
c) Market Capitalist
We depend on China for manufactured goods, and they depend on us for raw materials, this shows the concept of
interdependence
The rate set by the Reserve bank that determines how expensive mortgages and other loans are.
Cash rate, or Interest rate.
What instrument does Squidward play?
Clarinet
In economics, which of the following is an example of investment expenditure?
(a) households purchase shares on the stock exchange
(b) firms purchase government securities
(c) firms purchase new capital equipment
(d) firms make compulsory contributions to superannuation funds
(a) Households purchase shares on the stock market
Australia's GDP in 2023 (USD)
~$1.77 Trillion USD
~$1,770,000,000,000
Supply chains
Consumption + Investment + Government consumption + (Exports-Imports) =
Gross Domestic Product (GDP)
Hello, is this the Krusty Krab?
No this is Patrick