Wants & Needs
This is something you must have to survive.
What is a need?
What should be produced?
What is one of the key economic questions?
The next best alternative given up when making a choice.
What is opportunity cost?
The quantity consumers are willing and able to buy.
What is demand?
This organisation provides public services such as healthcare and education.
What is government?
Food, water and shelter are examples of these.
What are needs?
This economic question asks who receives goods and services.
What is "For whom to produce?"
You buy a new game instead of saving money. What is the opportunity cost?
Saving the money.
The quantity producers are willing and able to sell.
What is supply?
Australia sells iron ore to other countries. This is called:
What is an export?
A holiday to Bali is usually considered this.
What is a want?
This question determines how goods will be made.
What is "How to produce?"
A student studies instead of going to the movies. What is the opportunity cost?
The movie experience.
When demand increases and supply remains unchanged, prices generally do this.
What is increase?
Australia buys mobile phones from overseas. This is called:
What is an import?
Give one example of a good that could be a need for one person and a want for another.
Name all four key economic questions.
A farmer plants wheat instead of corn. What is the opportunity cost?
The benefits or profits from growing corn.
The point where supply equals demand.
What is market equilibrium?
Why might a government intervene in the economy?
To provide public services, support communities, and improve economic outcomes.
Explain the difference between a want and a need.
A need is essential for survival while a want improves quality of life.
Why are key economic questions important?
They help allocate scarce resources efficiently.
Explain opportunity cost using a real-life example.
Any appropriate example.
Draw and explain a demand curve.
Downward sloping graph showing quantity demanded falls as price rises.
Explain one benefit of international trade.
Countries can obtain goods more efficiently and increase consumer choice.