Show:
Topic 1 - Introduction to Economics
Topic 2 - Consumers and Businesses
Topic 3 - Markets
Topic 4 - Labour Markets
Topic 5 - Financial Markets
100

What is the Economic Problem?

How to allocated our limited resources, whilst society has unlimited wants

100

Are internal or external economies of scale caused by changes outside of the firms control?

External

100

What is the law of demand?

Increased price leads to lower demand

100

Where does the supply of labour come from?

Workers, unemployed

100

Who implements Monetary policy?

RBA

200
What is the difference between a leakage and an injection?
Injection is money coming IN to the economy, Leakages is money coming OUT of the economy.
200

What is the technical optimum?

Where average costs are at their lowest

200

What is the law of supply?

Increased price leads to increased supply

200

What is frictional unemployment?

People moving between jobs?

200

What is the role of ASIC?

Oversee market integrity in share market

300

What are the factors of production and their returns?

Capital -- interest

Enterprise -- profit

Land -- rent

Labour -- wages

300

What happens to the curve during internal economies/diseconomies of scale?

Shifts along the curve

300

What does it mean if demand is price elastic?

Total revenue moves in the opposite direction to price

300

Why is the demand for labour a derived demand?

Depends on how much of a g/s is demanded

300

What is the difference between a primary and secondary market?

Primary is where inital assets are sold, secondary is where transfers occur between investors
400

How is opportunity cost visualised?

PPF

400

What should MPC and MPS add up to equal?

1

400

Movements along the supply and demand curve are caused by what?

Price

400

What does the FWC do? Name 2 functions

Oversee the setting of the minimum wage, enterprise agreements, dispute resolution, termination of employment 

400

What are the 3 objectives of Monetary policy?

1. Stability of currency 

2. Full employment (4-5%)

3. Economic welfare and prosperity

500

Can you tell me the 3 components for both Leakages and Injections?

Leakages: S, T, M

Injections: I, G, X 

500

What is the consumption function? And what are the components?

C = C0 + cY 

C0 is autonomous consumption

c is MPC 

Y is income

500

What is the concept of consumer sovereignty?

Consumers choices decide what to produce and how much to produce

500

What is an enterprise agreement?

Made between employers and a group of employees for a specific type of business

500

When I sell CGS, am I implementing expansionary or contractionary monetary policy?

Contractionary