Economics recap

Economic resources can be categorised into 4 groups

• land, labour, capital, enterprise

• money, gold, stock, natural resources

• machinery, water, human effort, human creativity

• environment, human, capital and money

Microeconomics study the behaviour of individuals and businesses.

• False

• True

Macroeconomics concerns with the economic development of

• regional economies

• national economies

• global economy

• All of the above

The role of businesses in a simple model of an economy is to

• provide resources needed for production of goods and services

• buy the resources from households and turn them into goods and services

• earn an income from providing labour resources

• All of the above

Gross Domestic Product is the total value of goods produced and services provided in a country during 6 months' period.

• True

• False

The ultimate measure of Australia's economic performance is the overall ________________.

Inflation is

• an average decrease in the general prices of goods and services

• an increase in the purchasing power

• an average rise in the general level of prices of goods and services

• None of the above

Economic growth is slowing (GDP growth starts to fall) as consumers spend somewhat less and producers begin to slow output are characteristics of what stage in the economic cycle?

• Recession

• Contraction

• Boom

• Expansion

Those who are employed but are available and want to work more hours than they do are

• unemployed

• underemployed

• underemployed

Globalisation is

• the expansion of the globe

• the expansion of the scale of a national economy

• caused by economic growth

• the expansion of business operations into other countries