ECB- Competing as a business in the global economy

ECB- Competing as a business in the global economy

9th Grade

10 Qs

quiz-placeholder

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ECB- Competing as a business in the global economy

ECB- Competing as a business in the global economy

Assessment

Quiz

Specialty

9th Grade

Medium

Created by

Olivia-Jane VAN PUTTEN

Used 11+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A ___________is a situation where the organised exchange of goods and services take place between buyers and sellers.

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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