9 Business - Economics revision

The economy is the total of all activities for the purpose of...

• producing, marketing and selling goods and services in a country

• creating, designing and exploring goods and services in a country

• producing, distributing and consuming goods and services in a country

• producing, distributing and selling foods and services in a country

Supply represents...

• how much of a product or service the market has to offer

• how much of a product that the customer wants to buy

• how many goods are available for purchase

• how much of a product or service that buyers want to sell

Land refers to...

• all the raw materials that mined and used in difference resources to create goods and services for the consumer

• all the raw materials and other natural resources that go into the production of goods and services

• all the raw materials that are offered to producers as goods and services for the consumer

• all the raw materials that are mined in minecraft

Exports are...

• goods and services that are purchased from overseas businesses

• goods and services that are exported to overseas governments

• goods and services that are sold domestically to the household sector

• goods and services sold by local businesses to overseas consumers

Capital is...

• the money or cash on hand that a business has at their disposal

• all the equipment used by human labour in the process of production

• all the equipment used when to create goods and services for the consumers

• the resources required to produce goods and services for consumers

Goods are...

• goods are sold at supermarkets for consumption

• goods are intangible items that cannot be seen or touched

• goods are actions done by businesses for consumers

• goods are physical, tangible products that can be seen and touched

A service is...

• are the products offered by businesses

• are companies that offer business to consumers

• are physical, tangible items that can be seen and touched

• the actions that are done by businesses for consumers

The economic problems of relative scarcity refers to...

• consumers purchasing goods and services from businesses

• consumers not being able to afford different goods and services

• consumers making purchasing decisions in relation to their needs and wants

• consumers making purchasing decisions in relations to goods and services

The business sector can be described as...

• producers that provide goods and services to satisfy the needs and wants of households

• consumers that are working in the business sector to earn money

• consumers that purchase goods and services for the business sector

• producers that provide goods and services to consumers in order to make a profit

The financial sector can be described as...

• banks that use the deposits collected in order to help businesses grow

• financial intermediaries that collect deposits and invest in the growth of businesses

• financial intermediaries that allow consumers to open savings accounts

• banks that charge interest on loans that are offered to consumers