ECONOMIC RESOURCES
SUPPLY AND DEMAND
MARKETS
GOVERNMENT
WORK
100

The word used to describe natural items used to make a good

LAND

100

Demand determines this in a market economy

price and quantity
100

A market where there is many buyers and sellers is called 

perfect competition

100
Governments collect these to pay for services

Taxes

100

People who earn income by the hour earn a..W

wage

200

The word used to describe the people who make the good or service

LABOUR

200

The perfect price and quantity is referred to as

Equilibrium price and quantity

200

A type of market where there is two main businesses

Duopoly

200

The government pays for public health through this service...M

medicare

200

You are taxed according to...

how much you earn a week

300

The word used to describe the tools and machines used to make goods 

CAPITAL

300

The type of economy where price and quantity is determined by supply and demand

MARKET

300

When there is only one seller in the market

Monopoly

300

In a circular flow diagram, S stands for... 

Savings

300

companies who send work overseas are...O

Outsourcing

400
The word used to describe the person who brings the 3 other factors of production together

Entrepreneur

400

When you forgo one item for another this is

OPPORTUNITY COST

400

When a small number of businesses dominate the market

Oligopoly

400

People working can earn this...I

income

400

Machines doing the job of people is called...A

Automation

500

When a resource is finite it is...s

Scarce

500

The law of supply states that when the supply of a product rises than the quantity supplied will...

also rise

500

A large number of businesses that come and go easily from the market

Monopolistic competition

500

In a circular flow diagram the Y represents

income

500

you can join this organisation that will represent you in the workplace

union