Year 9 Business - Week 2 Quiz

Select the definition that matches "Need"

• Something that you must have, in order to live.

• Something that you wish to have, so as to add comforts in your life.

Which of the following is a want?

• Food

• Water

• Shelter

• Car

Which of the following is NOT an example of a good?

• Car

• Mobile Phone

• Internet

• T-Shirt

Which of the following is a service? (select all that apply)

• Hair Cut

• Computer

• Health Care

• Lollies

What is Australia's Economic Objective?

• To satisfy unlimited wants

• To give everyone everything they want

• To satisfy unlimited needs

• To improve living standards

How does Australia achieve its economic objective?

• Lower economic growth

• Higher economic growth

• Giving everyone money

• Increasing taxes

Which of the following are sectors in the five sector model? (Select all that apply)

• Household

• Business

• Income

• Government Sector

• Overseas Sector

What is a leakage in the five sector model?

• Leakages are a loss of income from the basic flow between households and businesses.

• Leakages are additions to the basic flow between households and businesses.

• Leakages occur when money goes "missing" from one of the sectors.

• Leakages is when the five sector model is in balance.

What is an injection in the five sector model?

• Injections are a loss of income from the basic flow between households and businesses.

• Injections are additions to the basic flow between households and businesses.

• Injections occur when money goes "missing" from one of the sectors.

• Injections is when the five sector model is in balance.

Economic Activity refers to what?

• The level of economic activity that occurs between different countries in the world market.

• The actions taken by government to satisfy unlimited wants.

• The levels of production, distribution and consumption of goods and services in an economy.

• Doing activities in economics.