The Economic Problem
When we don’t have enough resources to meet everyone’s wants.
What is scarcity
How much people want to buy something.
What is demand
Rules that protect buyers from unsafe or fake products
What are consumer rights
A major WA farming product used to make bread.
What is Wheat
Money you earn or receive.
What is an income
A resource like land, workers, machines, or ideas.
What are Factors of Production
A place where people buy and sell things.
What is a market
A way businesses try to make people buy their product.
What is Marketing
WA’s biggest export, sent to other countries
What is Iron Ore
Money left after paying for everything you need.
What are savings
A resource that comes from nature, like water or minerals.
What are natural resources
When producers make more because the price goes up.
What is the law of supply
What buyers must do, like using products safely.
What is a consumer responsibility
An industry that brings visitors to places like Rottnest Island.
What is Tourism
A plan for how you spend and save money.
What is a budget
The thing you give up when you choose something else.
Opportunity cost
The price where buyers and sellers agree.
What is equilibrium
Something that affects what people buy, like price or friends.
What is a consumer influence
A WA region known for gold and mining
What is the Goldfields
A goal you can reach soon, like saving for a game.
What is a short-term goal
The three big questions: what to make, how to make it, and who gets it.
What are the economic questions
When there is not enough of a product for everyone.
What is a shortage
The group that protects consumers from unfair business behaviour.
What is the ACCC
A growing WA industry that makes clean energy.
What is the Renewables Industry
A cost that stays the same, like rent.
What is a fixed expense