Economics and Business Year 8

Consumers are responsible for

• using a purchased product however they like

• using a purchased product for intended and unintended purposes

• only for the purpose intended by the producer

• one use only

Producers provide

• goods

• financial advice

• services

• Tax bills

To be successful in business, you must have the following

• government concessions

• rich parents

• meet market demand

• all of these

If a purchaser changes their mind they are legally entitled to

• a refund

• a store credit

• nothing

• a lottery ticket

In Economics, a market is defined as

• Woolworths

• a place where producers provide and consumers purchase goods and services.

• Where people trade cryptocurrency

• where people recycle goods

The circular flow of income involves which of the following sectors

• household

• business

• finance

• resources

The Australian economic system is

• a market economy

• a command economy

• a traditional economy

• a mixed economy

Economics studies decisions about how __________ resources are allocated in society.

Banks and financial institutions main purpose is

• to pinch depositor's money

• receive deposits and use this money to loan to borrowers

• put up peoples' interest ratees

• make big glossy advertisements

Their are three important questions an economic system must ask. Select the INCORRECT answer

• What to produce

• Where to produce

• How to produce

• For whom to produce