Economics
What is economics?
The study of choice and how to make people better off in terms of their living situation
Name the four main groups or economic agents expressing their needs and wants for Australian goods and services
what is household, businesses, overseas, and governments
An institution where buyers and sellers negotiate the price for each good and service
what is a market
What is relative price?
The price of a commodity such as a good or service in terms of another
Ms Vergara is both an Australian citizen and ...
American citizen
The two main branches of economics?
Microeconomics and macroeconomics
How would you define relative scarcity?
It involves societies unlimited wants and needs and the limited resources to satisfy these wants creates relative scarcity.
Australia has a contemporary market capitalist economy or ...
economic system
A fall in the relative price of a particular good or service signals that there has been an ...
Overproduction
Ms V and Ms W have both completed what course (besides education)
Barista course
What is abuse of market power?
When a big or powerful company uses its strength unfairly to stop other businesses from competing or to force customers into bad deals
The three main types of productive resources available in an economy
What is natural resources, labour resources, and capital resources
Markets usually work best if there is ________ ________ between sellers and between buyers (2 words)
Strong competition
A rise in the relative price of a particular good or service signals to owners or suppliers of resources that there is a ...
General shortage or underproduction
Flyer is Ms Vergara's pet ... (what animal?)
Horse
What is an example of abuse of market power?
Refusing to supply, and exclusive deals
The three basic economic questions
what is...
1. What and how much to produce?
2. How to produce?
3. For whom to produce?
Define a capitalist economy
based on self-interest and competition
How does competition affect prices in a market?
Usually drives prices down and improves efficiency, as firms try to attract customers and reduce costs.
MacGregor State High School opened in ...
1969
How can governments prevent abuse of market power?
They create competition laws and have regulators (like the ACCC in Australia) to investigate and punish unfair business behaviour.
Provide two examples of capital resources
what is machinery, factories, power generators, computer systems, trucks, dams, railways and roads
Perfect competition, Monopolistic competition, Oligopoly and Perfect monopoly.
What are two features of a perfectly competitive market?
Many buyers and sellers, and identical products.
Ms W did what adrenaline junkie activity
Ms W sky dived out of a helicopter over the Swiss Alps