Basic concepts
Things we must have to survive.
What are needs?
The willingness of producers to produce something.
Capital, Enterprise, Labour, Land
What are the four factors of production?
Households and Businesses
What are the two sectors in the 2 sector circular flow model?
Name the pricing strategy used by Disney when entering the UK market in 2020.
Penetration Pricing Strategy
Burgers and chips, vegemite and toast, bike and helmet
What are some examples of complementary goods?
This law states that as price increases, quantity supplied increases.
What is the law of supply?
Natural resources like forests, freshwater, oranges.
What are land resources?
Salary, Wage, Cheque
What are some examples of income?
When Cyclone Yasi hit QLD in 2011, which supply raised their price to $14 per kg?
Banananananana
The economic problem where wants are unlimited but resources are limited.
What is scarcity?
This is the price where supply and demand meet.
What is equilibrium price?
The ability to combine the other three factors of production into a production process which produces goods and services wanted by consumers.
What is enterprise resource?
A student working for experience in a field to gain work experience or satisfy requirements for a qualification.
What is an internship?
In 2015, Apple introduced a keyboard called butterfly keyboard for what purpose?
Thinner macbooks.
A fundamental principle of economics as consumers will demand a lower quantity of a good/service if the price is high.
What is the Law of Demand?
The next best option you miss out on when you make a choice.
What is the opportunity cost?
This strategy provides businesses the opportunity to set a low initial price on a new product or service to gain high sales or market share.
What is the penetration pricing strategy?
Consumers have a lot of power over what products get made based on our demand.
What does Consumer sovereignty mean?
Name the additive in the product launched in 1990s during the low-calorie craze but failed due to unpleasant side effects.
Olestra
Goods that are often bought instead of each other.
What are substitute goods?
Visually illustrates the relationship between supply and demand.
What does a supply and demand graph show?
RRP
What is the acronym for RECOMMENDED RETAIL PRICE?
Consumers today prefer to purchase the guilt-free option that does not exploit other people.
Who are the socially responsible consumers?
The gadget charged consumer $949 that makes you look like science fiction villain launched by a business which grew from making plastic wheelbarrows designed to improve stability.
Dyson Zone