HASS YR8 SM2 QUIZ

If there is high demand, and high supply, then...

• Many sales, High prices

• Low sales, High prices

• Many sales, Low prices

• Low sales, Low prices

Draw the 2 sector model

Label the y then x axis for the law of demand.

Write the answers like _ (_) , _ (_)

The law is supply is _

SWOT stands for what?

• Superiorities, Weaknesses, Openness, Taxes

• Superiorities, Work, Opportunities, Takeovers

• Strengths, Weaknesses, Opportunities, Threats

• Strengths, Work, Opportunities, Threats

What is Net Profit

• Total profit

• Profit after tax

• Money made from sales

• Losses

Match the following economic terms with their algebraic terms.

• X

• Expenditure

• S

• Exports

• Y

• Savings

• O

• Income

• E

• Output

The equilibrium formula is what?

What is added in the 3 sector model

• Income, Output

• Savings, Investment

• Taxation, Government spending

• Imports, Exports

Why do we have multiple sector models?

• It is more efficient

• Looks better

• Accounts for money travelling outside of the basic 2 sector model

• Adds more diversity and more flavour to the circular flow of income