Scarcity
Is time considered Scarce?
Yes, because it is limited.
Is clothing a want or a need?
A need.
TRUE or FALSE
A Bank keeps your money securely.
TRUE
Stealing a person's identity is an Example of what?
A Scam
A retirement fund is also known as...
A Superannuation Fund
Name two resources that are considered scarce.
Time, Money, Natural Resources
Give 4 examples of a want.
Name 3 products a Bank offers.
Saving Account, Term Deposits, Personal Loans, Mortgages/Home Loans, Credit Cards
A dishonest scheme or fraud is the definition of what word?
A Scam
TRUE or FALSE
Getting a HELP education debt is considered to be "Good Debt".
TRUE! Why?
Name 2 scarce natural resources.
Oil, Iron, Wood, Gas
What are 3 needs?
Food, Shelter, Clothing, Clean Water
TRUE or FALSE
You have to pay the Bank interest if you take out a loan with them.
TRUE
What word would you use to describe money received from work and other investments?
Income
An example of Bad Debt is borrowing money to buy a house. Justify.
Buying a house is often considered Good Debt because often the value of the house increases, making you money. However, this is not always the case, So you could say it is neutral (neither Good or Bad).
What does scarcity mean?
When demand is greater than availability. Limited resources. All resources are limited.
Define the difference between a need and a want.
A need is something you need to survive. A want is something that you would like but don't need to survive.
Name 3 Banking institutions.
ANZ, CommonWealth, Bendigo Bank, Westpac, NAB, Macquarie Bank, Great Southern Bank
The loss of other options where another is chosen is said to be....
Opportunity Cost
Name 4 different types of available insurance covers.
Health, Life, Pet, Car, Travel, Home and Contents Insurance,
What word starting with C, assists people in using resources efficiently?
Choices
Why can't we have everything that we want?
Because there are limited resources.
Describe two different types of Interest a customer might experience.
A Customer pays interest on Loans.
A Customer receives interest payment on Savings.
Describe a business.
An organization that offers good and or services.
When we analyze the pros and cons of a situation, we are said to be doing what sort of analysis?
Cost Benefit Analysis