Factors of Production
This factor of production refers to human effort used to make goods or services.
Labour
Every economy must decide what to produce, how to produce it, and who gets it — these are called the…
The three basic economic questions?
What are exports?
Goods and services sent out of a country to be sold overseas.
In the circular flow model, money flowing into the economy is called an…
An injection
A company operating in more than one country is called a…
What is a transnational corporation.
Natural resources like minerals, forests, and farmland belong to this factor of production.
Land
What is a market capitalist economy?
In this system, private individuals and businesses own most resources and make most decisions.
What are imports?
Goods and services brought into a country from overseas.
In the circular flow model, money flowing out of the economy is called a…
a leakage
McDonald’s drive-thru windows are an example of this type of business improvement.
Innovation
A railway linking mines to a port is an example of this factor of production.
Capital
What is a command economy?
In this system, the government owns all productive resources and makes production decisions.
Australia is a major importer of these products.
Manufactured products?
Name one leakage from the five-sector model.
saving, taxation, or imports
Adding healthy alternatives to a menu to attract more customers is a form of…
Product innovation / marketing innovation.
What is enterprise?
People who take risks and organise resources to run a business represent this factor.
What is a traditional economy?
People producing only enough to survive with limited technology.
Two export categories that made up over half of Australia’s exports in 2017–18 were...
Minerals & fuels and services (tourism/education)
Name one injection from the five-sector model.
investment, government expenditure, or exports.
The advantage a business gets when it provides value better or cheaper than competitors is called…
What is competitive advantage.
What is competitive advantage.
Iron ore deposits in the Pilbara are an example of this factor of production.
Land
What is a mixed economy?
The economic system that includes both government involvement and private ownership.
Over the past half century, Australia’s main direction of trade has shifted from Europe to the…
Asia–Pacific region
If leakages are greater than injections, the economy will…
contract / decline
One key way innovation helps maintain competitive advantage is by helping businesses…
Differentiate products, lower costs, or better meet consumer needs.