Resources & Scarcity
Name the 3 types of resources used to produce goods and services
Land, Labour (Workers), and Capital (equipment / money)
What's the word for how much of a product businesses are willing to sell?
Supply
What do we call the next best option you give up when you make a choice?
Opportunity Cost
What do we call someone who starts their own business and takes on risk for potential profit?
An entrepreneur
Who is Triple T
Tung Tung Tung Sahur
What's the word for having unlimited wants but limited resources?
Scarcity
What's the word for how much people want to buy a product?
Demand
True or False: Every decision has a cost.
True
What do we call the people who buy a business's goods or services?
Customers (or consumers)
In Minecraft, what do you need to punch first to get wood and start crafting tools?
A tree / log
True or False: A business can produce unlimited goods because resources never run out.
False — resources are limited
If lots of people want an item but there isn't much of it, what usually happens to the price?
It goes up
You have $20. You choose to buy shoes instead of a game. What is the opportunity cost?
The game you didn't buy
What does GST stand for?
Goods and Services Tax
Who is the prime minister of Australia
Albo
A farmer's tractor is used to produce crops. Is the tractor an example of land, labour, or capital?
Capital — it's a human-made resource (equipment) used to produce goods, not natural land or human effort
What's the word for the point where the amount businesses supply exactly matches the amount consumers demand?
Equilibrium (the equilibrium price) / Equal
A business owner spends their budget on new equipment instead of advertising. Name one monetary cost and one non-monetary cost of this decision.
Monetary cost: e.g. the price of the equipment. Non-monetary cost: e.g. missing out on new customers who never heard about the business
Give one example of how a business could adapt if more of its customers start shopping online.
e.g. build a website/online store, offer home delivery, advertise on social media
Which woman was famous for representing Australia in Breakdancing at the 2024 Olympics?
Raygun