HASS Quiz

Scarcity is:

• problem of having unlimited wants and needs but limited resources (4 resources, Capital, Entrepreneurship, Land, Labour)

• how resources are sold and the exchange between buyers and sellers

• someone who doesn’t have a job seeking employment

• how we rely on others to satisfy our needs and wants

Making choices is:

• economic policy affecting a company, industry or market focusing on competition

• someone who doesn’t have a job seeking employment

• a central bank influencing interest rates and money supply to influence economy and living standards

• limited resources lead to prioritising wants or needs

Specialization and trade is:

• a central bank influencing interest rates and money supply to influence economy and living standards

• measures how an economy is doing

• focusing on one good or service a company is good at producing allowing for efficient production

• economic policy affecting a company, industry or market focusing on competition

Interdependance is:

• focusing on one good or service a company is good at producing allowing for efficient production.

• how we rely on others to satisfy our needs and wants

• a central bank influencing interest rates and money supply to influence economy and living standards

• total monetary value of goods and services in a given year

Allocation and markets are:

• limited resources lead to prioritising wants or needs

• focusing on one good or service a company is good at producing allowing for efficient production

• what is available to the people to live a good life. It is material (access to goods and services) or non material (freedon, crime rates etc)

• how resources are sold and the exchange between buyers and sellers

Economic performance:

• how we rely on others to satisfy our needs and wants

• how resources are sold and the exchange between buyers and sellers

• use of gov tax collection to influence economy and living standards

• measures how an economy is doing 

Living standards are:

• how resources are sold and the exchange between buyers and sellers

• a central bank influencing interest rates and money supply to influence economy and living standards

• an increase of goods and services price over a period of time

• what is available to the people to live a good life. It is material (access to goods and services) or non material (freedon, crime rates etc)

GDP is the:

• limited resources leading to prioritising wants or needs

• focusing on one good or service a company is good at producing allowing for efficient production

• total monetary value of goods and services in a given year

• problem of having unlimited wants and needs but limited resources (4 resources, Capital, Entrepreneurship, Land, Labour)

Inflation is the:

• increase of goods and services price over a period of time

• someone who doesn’t have a job seeking employment

• total monetary value of goods and services in a given year.

• limited resources lead to prioritising wants or needs

Unemployment is:

• economic policy affecting a company, industry or market focusing on competition

• total monetary value of goods and services in a given year

• someone who doesn’t have a job seeking employment

• what is available to the people to live a good life. It is material (access to goods and services) or non material (freedon, crime rates etc)