Key Terms for Business & Economics

An example of an export is...

• Bananas grown in Australia and sold in China.

• A Tesla electric car made in China and sold in China.

This is an example of...

• Goods

• Services

This is an example of...

• Goods

• Services

'Revenue' means...

• The costs business incur (must pay) in order to operate

• money paid to the government that is based on your income or the cost of goods or services you have bought

• he total money that a business makes by selling its goods or services

'Goods' are usually physical items

• True

• False

Buying a Playstation is an example of a...

• Need

• Want

products and services that people cannot do without are...

• Needs

• Wants

Daniel owns a bakery. On Monday he needs to buy flour at the supermarket. This is a...

• Revenue

• Expense

• Profit

An example of an 'import' is

• Pizza bought at Dominos at Birallee and eaten by a CCW student

• Tesla electric cars sold in Australia

• Bananas grown in Queensland and sold all over Australia

Which definition of scarcity is the most accurate?

• A frightening town

• The earth's resources are unlimited and we can use as much of them as we like

• The earth's resources are limited and we cannot have everything