9 Business Basics

Economics is concerned with

• how to produce more things

• how to use limited resources to satisfy unlimited wants

• trying to find a better job

• how to raise the profit of a business

GDP is a figure that is useful in the study of Economics as it shows

• how many people have a full time job in the economy

• the amount that each person makes on average

• the total value of goods and services produced in an economy in one year

• the total area divided by the total population

Botswana is a low to middle income country located in

• Northern Africa

• Middle East

• Southern Africa

• South Asia

• This business is involved in the retail industry

• This business is involved in the transport industry

• This business is involved in the hospitality industry

• This business is involved in the tourism industry

In Economics, the idea of scarcity

• impacts on decision making every day

• is fundamental to understanding what the discipline is all about

• is also connected with the idea of unlimited wants

• all of these responses are important

From the information that you know, Australia's GDP per capita is approximately

• US$16,000

• US$56,000

• US$24,000

• US$61,000

Identify the want

• Exercise book

• Blue pen

• Basketball shoes

• School pants

Just like an individual, there are things that a ____________ wants and also things that it needs.

• decision

• investor

• country

• GDP

Comparing life expectancy in Botswana and Australia we

• see life expectancy nearly twenty years longer in Australia

• see not much difference in the relative figures.

• see a slight advantage to Australia by two years.

• life expectancy was not a data point on the PPT

A key skill expected in the Business classroom which is also an expectation of many employers is

• highly developed inter personal skills

• attention to detail and accuracy

• the ability to collaborate and work effectively with others

• all of these