Yr 8 Business and Economics

Businesses provide government with...

• taxes
• sales
• private goods & services
• interest

In terms of resources, what do households provide for businesses?

• loans

• savings

• labour

• private goods

In terms of resources, what do businesses provide for households?

• income
• sales
• taxes
• private goods

What do banks provide for households & businesses?

• loans/credits

• savings

• sales

• public services

Markets tend to circulate resources, goods, & money through the four sectors of the economy continuously.

• True

• False

The Circular Flow model proves that the sectors of the economy are...

• independent
• dependent
• interdependent
• round

What do businesses provide for consumers according to the circular flow model?

• goods and services
• only goods
• only services
• taxes

What three entities make up the circular flow model?

• firms, households, and the government

• Producers and Consumers

• Local, state, and federal government

A market is an arrangement that brings together

• the factors of production and households.
• different groups of businesses and industries.
• buyers and sellers.
  
• buyers and households.

Which type of economy is controlled by the government?

• Command
• Market
• Mixed
• Democratic