Year 10 - Economics

What are the two main branches of Economics?

• Microeconomics

• Mecroeconomics

• Macroeconomics

• Mucroeconomics

Which branch of economics concentrates on the behaviour of small parts that make up the overall Australian economy?

• Macroeconomics

• Microeconomics

• Mecroeconomics

• Mucroeconomics

Which of these are examples of "needs"?

• Food

• McDonald's

• iPhone

• Education

Which of these terms refers to not having enough resources to satisfy all our wants and needs?

• Demand

• Supply

• Abundance

• Relative scarcity

Which of these economic resources includes products used by a business to help make other finished goods and services?

• Labour

• Physical capital

• Natural resources

• Investment capital

Which of these are examples of natural resources?

• Coal deposits

• New childcare centre

• Oil

• Australia's Prime Minister

__________ relates to the value of production or consumption sacrificed in one area, when resources are allocated or diverted to their next best alternative use.

Which of these is a reason for completing a "Cost/benefit analysis"?

• Minimise opportunity costs

• Compare short and long term costs with value of estimated benefits

• It's time consuming and fun to do

• It is used to help decision making in the future

What does PPF stand for?

• Production Possibility Frontier

• Performance Production Frontier

• Possibility Performance Frontier

• Peanuts Pretzels Fruitoops

Productivity capacity increases due to which of the following?

• Quality of resources available

• Decrease in the number of resources available

• How efficiently resources are used

• Natural disasters