Five Sector Circular Flow
What is another word for Business?
Firms
What type of economy uses Supply and Demand to decide what goods and services are produced?
A market economy
What is a fall in the business cycle known as?
Contraction/ Recession
What does AI stand for?
Artificial Intelligence
Who invented the light bulb?
Thomas Edison
What is exchanged in a transaction?
Money/ credit are exchanged for Goods and Services (and Assets)
What is the Law of Demand?
Name two features of an Expansion
Rising levels of output, Increasing consumer spending, Rate of inflation rises, wages rise, Unemployment falls
What does CSR stand for?
Corporate Social Responsibility?
True or False: All horses in the Southern Hemisphere share a birthday.
True - 1st of August
Name three leakages
What do you call the point where Supply and Demand intersect?
The Market Equilibrium
What is a cause of a recession?
Lack of spending
How many employees are there in a Medium Business?
20-199 employees
What is the highest grossing movie of all time?
Avatar (2009)
What does the economy aim to do with leakages and injections?
Balance them (Equilibrium)
Which way does the equilibrium shift if there is an increase in demand?
To the right
What is a synonym for an Expansion
a Boom
What are the four factors that influence business decisions?
Technology, Globalisation, Entrepeneurship, Innovation
How many bones are there in the body?
206
Complete the equation: _ + _ + _ = _ + _ + _
S + T + M = I + G + X
Name three reasons for a decrease in Demand?
• A fall in consumer income
• Changes in consumer tastes and preferences
• A decrease in the size of the population
• A substitute good becomes cheaper
• A complementary good becomes more expensive
• Prices are expected to fall in the future
What is the famous quote by Ronald Reagan about Recessions and Depressions?
Recession is when your neighbor loses his job. Depression is when you lose your job.
What is another name for a global business?
A TNC - Transnational Corporation
Which country has a flag that is not in a rectangle shape?
Nepal