Circular Flow & Economic Roles
Households earn money mainly by doing this for firms.
What is working / supplying labour?
If lots of people want a product, demand is _____.
What is high?
Goods sold to other countries are called _____.
What are exports?
Scenario: If a tax is added to a product, the price to consumers usually goes ____ and the amount bought usually goes ____.
What is up and down?
GDP is about how much a country _____.
What is produces?
Firms sell these to households.
What are goods and services?
If price goes up, people usually buy ____ of it.
What is less?
Goods bought from other countries are called _____.
What are imports?
GST is a tax you pay when you ____ things.
What is buy/purchase?
Inflation means prices are going ____ over time.
What is up?
The flow where households spend money on products is called ____ spending.
What is consumer spending?
The cheese caves are show that supply needs to be ____.
Restricted.
A reason countries trade is that they can get goods ____ than making them locally.
What is cheaper?
Tax paid on your wage is called ____ tax.
What is income tax?
If wages rise slower than prices, people can afford ____ than before.
What is less?
Scenario: You buy lunch. Name the two parts: you get food (a ___ flow) and the café gets money (a ___ flow).
What are real flow and money flow?
Scenario: A concert sells out fast. That suggests demand is ____ compared to supply.
What is higher/greater?
Scenario: Your phone parts are made in 3 different countries. This is global _____.
What is a supply chain?
A reason governments tax is to pay for things like roads, hospitals, and _____.
What are schools (public services)?
Unemployment means people who want a job cannot find _____.
What is work/a job?
Scenario: Government gives a student payment. In circular flow, that’s money flowing from ____ to ____.
What is government to households?
Scenario: If the government sets a maximum price that’s too low, stores may run out. This is called a
What is a shortage?
Scenario: If the Australian dollar rises, imported goods usually become ____ for Australians.
What is cheaper?
Scenario: The government taxes cigarettes to reduce smoking. This is using tax to change _____.
What is behaviour?
Scenario: A shop hires more staff because lots more customers are buying things. That usually happens when the economy is _____.
What is growing/doing well/expanding?