Business and Economics - what do you know?

What are some of the most important export commodities for the Australian economy?

• Wheat, corn, diamonds, chicken
• Oil, cotton, silver, pork
• Iron ore, coal, natural gas, gold
• Lumber, coffee, copper, beef

What is 'labour' in economics?

• The human skills and effort used in production
• The physical space where production takes place
• The buildings and equipment used in production
• The raw materials and natural resources used in production

How are wages used by consumers?

• To save for retirement
• To invest in stocks and bonds
• To pay off debt
• To purchase goods and services from the business sector

Which of the following is an important export commodity for Australia?

• Cars
• Electronics
• Iron ore
• Textiles

What is enterprise?

• The ability to recognize demand for new goods or services
• The ability to start a business
• Both A and B
• None of the above

What does 'land' refer to in economics?

• The human skills and effort used in production
• The physical space where production takes place
• The buildings and equipment used in production
• The raw materials and natural resources used in production

Which of the following is an example of a raw material that falls under the category of 'land'?

• Money
• Labor
• Timber
• Machinery

What are the four categories of resources in economics?

• Supply, Demand, Price, Market
• Land, Labor, Capital, Enterprise
• Goods, Services, Money, Technology
• Production, Consumption, Distribution, Trade

What is an example of labour in the production process?

• A computer programmer
• A farmer
• Both A and B
• None of the above

What is the ability to recognise the demand for new goods or services and start up a new business called?

• Enterprise

• Supply

• Demand

• Production