ECONOMIC RESOURCES
The word used to describe natural items used to make a good
LAND
Suppliers are:
a) Consumers
b) Government
c) Producers
d) Labour
You’re running a race and, just before the finish line, you pass the person in second place. In what place did you finish the race?
Second place
Taxes
1. What is the main goal of most businesses?
A. Help everyone equally
B. Make a profit
C. Provide free services
D. Reduce taxes
B) Make a profit
The word used to describe the people who make the good or service
LABOUR
When a resource is finite it is...s
Scarce
What has 13 hearts, but no lungs, feet or bellybuttons?
A deck of cards
Provide an example of a market that is primarily managed by the government
Healthcare, Education, Defence, Infrastructure, Money.
2. Why might businesses not provide some services?
A. They are illegal
B. They are too popular
C. They may not make enough profit
D. The government stops them
The word used to describe the tools and machines used to make goods
CAPITAL
The type of economy where price and quantity is determined by supply and demand
MARKET
If you drop me, I’m sure to crack, but smile at me and I’ll smile back. What am I?
A mirror
What are the three levels of government
Federal, State, Local
4. What is the government’s main goal?
A. Make as much profit as possible
B. Improve people’s quality of life
C. Compete with businesses
D. Sell products overseas
B) Improve quality of life
Entrepreneur
The law of demand states that as prices increase, quantity demanded ______
decreases
What can run but never walks, has a mouth but never talks, has a head but never weeps, and has a bed but never sleeps?
A river
People working can earn this...
income/wage/salary
5. How does the government pay for the Australian Army?
A. Selling tickets to tanks rolling over cars
B. Soldiers doing fundraising, such as car washes and baking cookies
C. Taxing peoples spending and income
D. Invading other countries and taking their gold reserves
C) Taxing peoples spending and income
Provide an example of capital in producing chocolate milk
Refrigerator, mixing machine, milking machine
When the supply and demand intersect and meet one another.
Equilibrium
What runs all around the backyard but never moves?
A fence
Which of the following is a progressive tax:
a) Income Tax
b) Goods and Services Tax
c) Council rates
d) Stamp duty
a) Income tax
If something is owned publicly, who owns it?
The government, meaning all Australians collectively