Supply and demand
Want
What sector of the economy is comprised of consumers who sell their labor for money/wages
Household sector
An economy is the system/process of organising the production and distrubution of what?
Goods and services
What is an import?
Imports are a good or service that is produced overseas and then brought into Australia.
Which fast food restaurant chain would you find the Whopper
Burger King
When a good or service is in low supply, but is in high demand, what is that likely to do to the price?
The price will rise
In economics, what is money an example of?
A medium of exchange
An economy where buisness are privatly is what kind of economy?
China
In computer science, what does AI stand for?
Artificial Intelligence
In a free market economy, what key factors determine the price for goods and services?
Supply and demand
What role do banks play in the Australian economy?
Banks can store people's savings (money) and can provide loans to the household and business sectors
What are the three economic questions any economy has to answer?
What to produce, how to produce and for whom to produce
Explain one benefit of trade
Access to more customers for Australian goods and services.
Australian consumers have access to products and services that are not produced in Australia.
Australian consumers have access to goods and services and are produced can be made more cheaply overseas. (like clothing)
Where are new red blood cells made?
In Bone marrow
If a person chooses not to buy a car for $ 30,000 because they want to save for a house deposit. In economics, the car the individual has missed out on is called the?
Oppertunity cost
What are three factors of production?
In a free market, what is the determining factor to quality of goods and services a consumer can purchance?
What is a trade surplus?
when a country's exports are worth more than its imports
What is the name of the skirt traditionally worn by ballerinas during classical ballet performances?
Tutu
What is scarcity in economics?
There are not enough resources to satisfy everyone's unlimited wants.
The Australian economy includes the household, business and finance sectors. What is the fourth participant?
Government sector
If a buisness invest in a machine that will automate a task and increase efficiency. What economic question is this related to?
How to produce
What is a positive and negative of free trade with other counties for the Australian economy
- more goods avaliable
- access to cheaper goods
- encourages efficienty
Negatives
- Australian jobs lost to other countries
- less empoyment oppertunities
Which part of your body would you find the cruciate ligament?
Knee