Year 8 Economics Revision

Which of the following refers to individuals and businesses involved in the production of goods and services?

• Consumers

• Markets

• Producers

• Retailers

What do we call the relationship between consumers and producers?

• A market

• Supply and demand

• Consumer society

• Supply chain

The total of all producers in an economy is known as the ______ sector?

• Economic

• Financial

• Government

• Business

Which of the following is not one of the four functions of money?

• Medium of exchange

• Payment of wages

• Measure of value

• Store of value

Which legislation helps to protect the rights of workers?

• The Anti-discrimination Act

• The Workplace Safety Act

• The Fair Work Act

• The Worker’s Rights Act

Which of the following is not a common form of business ownership?

• Sole proprietorship

• Partnership

• Dual occupancy

• Corporation

Who commonly forms business partnerships?

• Family

• People who work in the same profession

• Friends

• People who have no previous connection

Technically speaking, who owns a corporation?

• Shareholders

• The CEO

• The federal government

• The founders of the corporation

What kind of liability does a corporation have?

• Unlimited

• Partial

• Shared

• Limited

McDonald’s restaurants are an example of what form of business ownership?

• Cooperative

• Franchise

• Trust

• Collective