ECONOMIC RESOURCES
The word used to describe natural items used to make a good
LAND
Suppliers are:
a) Consumers
b) Government
c) Producers
d) Labour
You’re running a race and, just before the finish line, you pass the person in second place. In what place did you finish the race?
Second place
A market where there is many buyers and sellers is called
perfect competition
Taxes
People who earn income by the hour earn a..W
wage
The word used to describe the people who make the good or service
LABOUR
When a resource is finite it is...s
Scarce
What has 13 hearts, but no lungs, feet or bellybuttons?
A deck of cards
A type of market where there is two main businesses
Duopoly
Provide an example of a market that is primarily managed by the government
Healthcare, Education, Defence, Infrastructure, Money.
You are taxed according to...
how much you earn a week
The word used to describe the tools and machines used to make goods
CAPITAL
The type of economy where price and quantity is determined by supply and demand
MARKET
If you drop me, I’m sure to crack, but smile at me and I’ll smile back. What am I?
A mirror
When there is only one seller in the market
Monopoly
In a circular flow diagram, S stands for...
Savings
companies who send work overseas are...O
Outsourcing
Entrepreneur
When you forgo one choice for another this is
OPPORTUNITY COST
What can run but never walks, has a mouth but never talks, has a head but never weeps, and has a bed but never sleeps?
A river
When a small number of businesses dominate the market
Oligopoly
People working can earn this...I
income
Machines doing the job of people is called...A
Automation
Provide an example of capital in producing chocolate milk
Refrigerator, mixing machine, milking machine
The law of supply states that when the supply of a product rises than the quantity supplied will...
also rise
What runs all around the backyard but never moves?
A fence
A large number of businesses that come and go easily from the market
Monopolistic competition
In a circular flow diagram the Y represents
income
you can join this organisation that will represent you in the workplace
union