Econ Vocab Quiz 1

Focuses on a single firm, industry, sector or a particular market.

• Macroeconomics

• Mini-economics

• Microeconomics

• General Economics

Concentrates on areas like national spending, output, income, employment, the inflation rate and overall material living standards.

• Megaeconomics

• National Economics

• Universal Economics

• Macroeconomics

The four main types of economic agents in Australia:

• Households, government, private business, unions and media

• Households, government, coporations, small business

• Households, media, private business, education

• Media, big business, government, education

Managing society's unlimited needs and wants with limited resources is known as

Equipment used by businesses and governments to help make other goods and services.

• Natural Resource

• Labour Resource

• Capital Resource

The production possibility frontier respresents ____(2 words)____ on a production possibility diagram.

The cost of the benefit forgone or given up, when resources are used in the production of the next best alternative good or service is:

​ (a)   refers to how productive a business is using the fewest amount of inputs or resources necessary. Using resources to best maximize society's overall satisfaction fulfilling needs and wants is known as ​ (b)   Finding and maintaining balance between current consumption and future consumption is known as ​ (c)  

• Technical efficiency
• allocative efficiency.
• intertemporal efficiency.
• dynamic efficiency.
• innovation efficiency.
• yield efficiency.

Match the terms.

• Perfect Monopoly

• Brand and product differentiation are quite important ways of selling.

• Monopolistic Competition

• Good examples: clothing manufacturers, retail trade, furniture and restaurants.

• Oligopoly

• The firm is a 'price maker' and has a lot of market power given there are no substitute or rivals.

• Perfect Competition

• No brand names since the product is identical or homogeneous so there are lots of substitutes

Illustrate the law of demand by drawing a curve below.