Economics and Business Concepts and Skills

What is the definition of scarcity?

• How we distribute resources.

• People who buy things to use.

• The evaluation of an economy by measuring it against a number of economic objectives.

• The problem of people having unlimited wants and needs, but limited resources to support them.

What are the four stages of any economics and business inquiry? In the correct order!

• Questioning and researching, analysing, evaluating, economics

• Laying down, closing eyes, falling asleep, waking up

• Questioning and researching, analysing, evaluating, communicating and reflecting.

• Reflecting, analysing, questioning and communicating, researching.

Which of the following is a valid research method for collecting information?

• Asking your dog

• Using online search engines such as Google

• Making the information up

• All of the above

Look at the following data set on visitors to a park during different seasons. What relationship could you interpret from this data?

• More people visit when the weather is warmer

• Lots of people enjoy visiting McCoy Park

• Winter is a popular time of the year to go to McCoy Park

• The better the weather, the more people will go to the beach.

Economists make a decision so that what kind of outcome is achieved?

Define the following terms in your own words:

(a) Business

(b) Producers

(c) Resources

How is making choices related to scarcity?

What do economists do first before reaching their own conclusions?

Why is it important for an economist to keep an open mind when making a decision?

Liam is reading a newspaper article when he comes across a few terms he has never seen before including words such as 'interest' and 'market crash'. What advice would you give to Liam that might help him find out the meaning of the terms.