Economics Quizizzzzzz year 8 aussie curriculum

What are the 4 Factors of Production?

• Cell

• CELL

• LLCE

• Stonks

• None of the above

What are the actual 4 factors of production

• CELL - Capital, Enterprise, Land and Lab0r

• LLCE - Labour, L4nd, Cap1tal, Ent3rpr1se

• CELL - Capital, Enterprise, Land and Labour

• Stonks

Which one of these is not a type of market?

• Stonk Market

• Stock Market

• Housing Market

• Farmers Market

• Stok Market

What is the law of demand?

• How much of nothing people want.

• At lower prices, smaller quantity of goods and services will be demanded.

• At higher prices a smaller quantity of goods and services will be demanded than at lower prices.

• Stonks

What is the definition of equilibrium?

• The quantity demanded will match the quantity supplied

• Tsunami

• STONk5

• The quantity supplied will match quantity demanded.

Definition of Supply

• Quantity of a good or service that is produced at a given price at a given time

• Stonks

• Supply of the stonks

What is the Provision of Infrastructure in regards to the government's involvement in the market?

• Roads, Railways and Ports

• The government is responsible for providing the infrastructure for the economy.

• Provision of Infrastuctureeeee

• The responsibility of the government to provide wifi

Define Economics

• The study of the economy.

• The branch of knowledge concerned with the production, consumption, and transfer of wealth.

• Economics

• The study of Stonks

What is traded in the Labour Market?

• People

• Houses

• Skills, effort and knowledge

• Labour, Liberals and Greens

What is the main benefit of specialisation?

• Efficiency

• Low cost

• Higher demand

• Lower demand