Economics 101
Name of the basic economic problem caused by unlimited wants and limited resources?
Scarcity
This sector includes households that provide labour and consume goods.
The household sector
What is the name of the network of businesses involved in producing and delivering a product.
A supply chain
The process where countries become more connected economically and socially.
Globalisation
An agreement between countries to reduce trade barriers is called this.
Free Trade Agreement
What name is given to the study of how individuals and businesses make decisions about allocating resources?
Economics
This sector manages taxes and government spending.
The government sector
A tax on imported goods is called this.
A Tariff
Name one driver of globalisation.
Technology, transport, trade agreements, etc.
Name one trade barrier that FTAs reduce.
Tariffs or quotas.
If demand increases and supply stays the same, what happens to price?
Price increases
Which sector includes trade between countries?
The Global Sector
Identify one stage in a supply chain.
Supplier, manufacturer, distributor, retailer.
Explain one advantage of globalisation for consumers.
Lower prices or more variety.
Explain one benefit of FTAs for consumers.
Lower prices or more choice.
Name one type of economic system.
Traditional, command, market or mixed.
Explain how money flows from households to businesses.
Through spending on goods and services.
Why can disruptions in one country affect the entire global supply chain?
Because supply chains are interdependent.
Which continent is Australia's largest trading partner?
Asia.
Name 1 of Australia's top 5 imports.
Petrol, travel, motor vehicles or telecom equipment.
Name all four economic resources.
Land, labour, capital, enterprise.
How does the financial sector support economic growth?
By providing loans and investment to businesses and households.
Explain how COVID-19 exposed weaknesses in global supply chains.
Disruptions caused shortages, delays, and increased prices.
Name 2 of Australia's biggest exports.
Iron ore, coal, natural gas, gold or education related travel
Give one economic argument for Australia signing more FTAs.
Increased trade, economic growth, lower prices for consumers, access to new markets.