Circular Flow
In the circular flow model, households mainly act as consumers and owners of what?
Productive resources.
The principle that gives people the right to own businesses and property.
Private property rights.
Buying groceries belongs in which market?
Product Market.
What is the oldest known form of money: paper bills, credit cards, or barter?
Barter
What is Ms Taqwa's favourite ice-cream flavour?
Sakura
Which market is where goods and services are bought and sold?
Product Market.
Rivalry between businesses trying to attract customers.
Competition.
Receiving a paycheck from your job is an example of what kind of payment?
Factor payment / wages.
Which company was started in a garage and became one of the largest technology companies in the world?
Apple, Amazon, and Google
Hajj
A business hires workers and pays wages. Which market is this?
Factor Market.
A company develops a cheaper product but reduces quality significantly. Which free enterprise principle is shown by the company?
Profit motive.
Starting your own clothing brand would make you what?
Entrepreneur.
Which famous product originally failed badly before eventually becoming one of the world’s best-selling gaming systems
Nintendo Wii
True or False: Ms Taqwa broke her arm at 9 years old playing netball
False - she did play netball but has never broken a bone in her body!
Government buying computers from a business is an example of what?
Government spending.
A nation protects private property rights but eliminates competition by allowing only one company to sell internet services. Which key feature of free enterprise is missing?
Competition.
Monica Ramirez creating a cosmetics company is an example of what economic idea?
Entrepreneurship / Free Enterprise.
Which billionaire entrepreneur was fired from the company he co-founded before later returning to lead it again?
Steve Jobs.
What is Ms Taqwa's favourite movie series?
The Maze Runner
A technology company pays programmers salaries while families purchase the company’s laptops. Identify BOTH markets involved and explain how.
Factor Market - company paying salaries.
Product Market - families purchasing laptops.
Mexico’s informal markets expanded partly because strict business regulations made formal businesses difficult to create. Which free enterprise principle was weakened?
Open opportunity.
A family owns a bakery, chooses what products to sell, hires employees, and keeps profits. Identify TWO free enterprise characteristics shown.
Private property rights + profit motive.
Which country's economy cannot be understood through economic theory?
Singapore
What Masters degree is Ms Taqwa currently studying?
Global Development