ECONOMIC RESOURCES
The word used to describe natural items used to make a good
LAND
Demand determines this in a market economy
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
The perfect price and quantity is referred to as
Equilibrium price and quantity
A type of market where there is two main businesses
Duopoly
The government pays for public health through this service...M
medicare
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
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 item for another this is
OPPORTUNITY COST
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
When a resource is finite it is...s
Scarce
The law of supply states that when the supply of a product rises than the quantity supplied will...
also rise
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