The Economic Problem
The basic economic problem that arises because wants are unlimited but resources are limited.
What is Scarcity
A place (physical or virtual) where buyers and sellers exchange goods and services.
What is a Market
A factor that influences consumer decisions, such as price, marketing, or peer pressure.
What are consumer influences
A payment made by the government to support businesses or industries.
What is a subsidy
Money you receive on a regular basis, such as wages or pocket money.
Income
The three questions every economy must answer: what to produce, how to produce, and for whom to produce
What are the economic questions?
The amount of a good or service consumers are willing and able to buy at a certain price.
What is demand
The legal protection that ensures products must be safe and match their description.
What are Consumer Right
A tax placed on goods coming into Australia.
What is a Tarrif
A plan that outlines expected income and expenses over a period of time.
What is a budget
A resource such as labour, capital, land, or entrepreneurship.
What are factors of production
When the price of a product rises, producers are willing to supply more.
What is the law of supply
The responsibility consumers have to use products safely and follow instructions.
What is a consumer responsibilty
Money the government collects to fund public services.
What is tax revenue
A cost that stays the same each period, such as rent or a phone plan.
What is a fixed expense
The next best alternative that is given up when a choice is made.
What is opportunity cost
The point where supply and demand meet.
What is Equilibrium
A strategy businesses use to persuade consumers to buy their products.
What is marketing
A government service that provides support for unemployed Australians.
What is Centrelink
A financial goal that can be achieved within a short time, such as saving for a game or clothing.
What is a short-term goal
A resource that comes from nature, such as water, minerals, or land.
What is a natural resource
A situation where there is not enough of a product to meet demand.
What is a shortage
The government service that protects consumers from misleading or unsafe products.
What is the ACCC
A rule or law the government creates to influence economic behaviour.
What is a regulation
The amount of money left over after paying all expenses
What is savings