Allocation of Resources
What do we call a place where buyers and sellers exchange goods or services?
Market
What type of factors include weather or natural disasters that can negatively or positively shift the supply curve?
Environmental factors
What point occurs where supply equals demand on a graph?
Equilibrium
In the circular flow model, which sector collects taxes and spends on services?
Government sector
What economic model shows the movement of money between households, businesses, government and financial institutions?
Circular Flow model
What type of market has prices that usually stay the same for all customers, like supermarkets?
Fixed Price Market
What table shows price and quantity supplied used to make a graph?
Supply schedule
In what direction does the demand line go?
Demand to the sand- starts in the top left and moves to the bottom right
What type of tax increases as a person’s income increases?
Progressive Tax
What type of goods are provided by the government for everyone to use?
Public or Common Goods
What online platform is an example of a negotiable price market?
eBay, Facebook Marketplace, Gumtree...
What market situation occurs when supply is greater than demand?
Surplus
What does the law of demand state?
That when price increases, quantity demanded decreases
What type of tax charges the same percentage to everyone?
Proportional Tax
What type of graph shows how government spending is divided into parts of a whole?
Pie Graph/ Chart
What economic system is based on private businesses and market competition?
Market Capitalist Economy
What does the law of supply state?
That when price increases, producers supply more
What goods are often used together, like phones and chargers?
Complements
What Australian fee is an example of a regressive tax?
What public service helps people gain knowledge and skills?
Education
In business decision-making, what are the 3 questions a business should ask themselves?
What to produce?
How to produce?
For whom to produce?
What government charge can decrease supply?
Taxes such as tariffs
What factor influences demand through promotion or marketing?
Advertising
Identify the tax that provides the biggest proportion of the government's revenue.
Income Tax
What is government spending on welfare payments often called?
Social Security or Welfare