Introduction to the Australian economy
A system that involves the production, distribution, trade and consumption of goods and services
What is an Economy
What are the 3 questions producers ask themselves before making a product
What to produce, how to produce, for who to produce
This participant in the economy aims to make profit and pays wages to employees
Who are producers
This movie stars Matthew McConaughey and involves a space adventure to save earth
Interstellar
This company is owned by Elon Musk and producers electric powered cars
Tesla
These are resources that come from nature
What are natural resources
In this economic system, producers are only making enough to survive rather than aiming to make a profit
Traditional or subsistence economy
Identify the two participants in the simple circular flow of the economy
Consumers and Producers
One of the most iconic animated movie franchises of all time, where Andy owns a bunch of toys.
Toy Story
This company was founded in 2004 and now runs under a name called "Meta"
What is Facebook
This occurs when we have unlimited needs for limited wants
What is scarcity
What is a planned economy?
All productive resources are owned by the government on behalf of the people. No private companies
What are the two things that consumers contribute to the economy
Resources and expenditure
This movie is the number one grossing movie of all time
Avengers: Endgame
Jeff Bezos owns this company and now has various different companies branching out from this original company
Amazon
This is the value of the next best alternative production of a good and service
What is opportunity cost
Firms are owned by the private sector in this economy
What is a free market economy
What are leakages? Give two examples of leakages
Money that is leaving the economy. Savings, taxation, imports.
This movie uses mathematics to determine which baseball players to draft in this movie starring Brad Pitt
Moneyball
This company is used for customers who want to pay in installments after the purchase
Afterpay
Question 3 in the textbook. Imagine rice is $2 and wheat is $1. Which production possibility would give the farmer the best outcome?
All of them are the same
Describe a market economy with "what to produce" "how to produce" "for whom to produce"
Producers decide what to produce based on what consumers want and price, "how" is the most efficient and least cost method, and who to produce for is who has the money to buy it
When does economic contraction occur? In terms of leakages and injections
Economic contraction occurs when leakages > injections
This movie is about the stock market, and it follows the lives of financial workers in the housing crisis better known as the global financial crisis
The big short
This company is used for anyone to post a product, or an already used product and wait for other users to buy the product off of them
Ebay