Year 9 Economics and Business Revision

When purchasing a good or service, the aim of the consumer is:

• use as little income as possible

• Minimise the opportunity cost when purchasing a good or service

• to make the business happy

• to increase the opportunity cost

Which of the following statements relating to purchasing goods and services is correct?

• consumers never over spend

• the consumer can ask for a discount if they don't have enough income to purchase a product.

• there is no risk in purchasing goods and services.

• A consumer can spend more than their income by borrowing from a financial institution by accessing credit or taking out a personal loan

A scam typically starts as a phone call, text message or email. Some of the tactics that scammers use include

• Developing a friendly relationship with the victim, by making them more likely to listen to their advice

• Persistent contact emphasising the opportunities that will be lost if the victim does not act fast

• Trying to scare a victim into providing their personal information or money by threatening them with fines or legal action.

• All answers are correct

individuals most vulnerable to scams include:

• People dealing with significant stress and in a vulnerable position

• old people

• high income earners

• volunteer workers

A Scam is:

• only happens to those who have a lot of money

• easy to identify

• does not occur in Australia

• a plan to dishonestly take someones money

Which of the following is least likely to impact on the risk-taking of an investor?

• the investor's debit card

• the age of the investor

• the investor's wealth

• the number of children (dependants) that the investor has

An investor with a conservative risk profile would most likely have an investment goal that requires

• A focus on capital growth at any risk

• expects to see growth in a business in the short to medium term

• Stable growth and a high level of income with relatively easy access to investment funds

• focuses on large fluctuations in value of shares and high returns

The aim of most businesses is to maximise their profit. To increase its profits in the longer term a business needs to:

• sell its goods at a higher price

• use product innovation

• sell more goods to gain more revenue

• tell employees to not expect a wage increase

The ability of a country to be competitive in trading with other countries is mainly dependent on:

• business process innovation

• improvements in technology

• the geographical size

• The quality and quantity of resources in the county

A shift in the supply curve to the right may be due to (non-price factor):

• Increase in price

• decrease cost of production

• an expectation of a price rise

• the price of related goods increases