A ___________is a situation where the organised exchange of goods and services take place between buyers and sellers.
ECB- Competing as a business in the global economy

Quiz
•
Specialty
•
9th Grade
•
Medium

Olivia-Jane VAN PUTTEN
Used 11+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
shopping centre
market
goods
services
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The _________________system of a country is used to answer the three important economic questions: What to produce; how to produce; and for whom to produce?
business
goods
economic
services
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Australia’s economy is largely a __________________economy.
market
combined
traditional
independant
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The three economic questions are answered by the market through the laws of ___________________and ___________________.
goods, services
supply, demand
traditional, market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Resources are only used to make things that people will buy and are ______________________
profitable
scarce
infinite
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Australians households provide economic resources to businesses in the form of the factors of production — land, labour, capital and enterprise. Businesses provide goods and services to households. This is known as output or production.
What is this model called?
GDP process
The Circular Flow of Income
How Government works
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The government sector takes a portion of people’s incomes in the form of taxation (T), which represents a _________________from the circular flow.
injection
leakage
goods and services
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