8 Economics & Business 1

In which order do we write notes in our exercise books?

• Graphic organiser, vocabulary, big ideas.

• Vocabulary, big ideas, graphic organiser.

• Graphic organiser, big ideas, vocabulary.

Australia has many markets.

• True.

• False.

Peoples are part of these markets when they...

• buy.

• sell.

• buy or sell.

• None of the above.

How do consumers usually receive their chosen goods and services?

• Barter (exchange other goods or services)

• Pay money.

One of the main reasons producers sell goods and services is to ...

• make a profit.

• build relationships with people.

• to go bankrupt.

The labour market, the housing market, the stock market and where business takes place are all different examples of ...

• drinks.

• markets found in Australia.

• places that do not include children.

Define interaction:

• the exchange of goods and services among buyers and sellers

• working with another group.

• A consumer is a person who exchanges money for goods and services.

Define sellers:

• A producer is a person or business who makes and sells goods and services for a profit.

• working with another group.

• A consumer is a person who exchanges money for goods and services.

Goods and services flow from ...

• households to firms.

• firms to households.

Factors for production flow from ...

• households to firms.

• firms to households.