8 HASS-Concepts in Economics

What is the difference between needs and wants?

• Needs and wants are interchangeable
• Needs and wants are the same
• Needs are not necessary for survival, wants are necessary
• Needs are necessary for survival, wants are not

What is financial literacy?

• The ability to calculate complex financial equations
• The ability to understand and manage financial matters
• The ability to invest in the stock market
• The ability to read and write financial documents

What are the tax obligations of working Australians?

• To pay taxes on income and purchases
• To pay taxes on property and investments
• To pay taxes on income only
• To pay taxes on purchases only

What are the four main types of economic resources?

• Water, air, sunlight, soil
• Land, labor, capital, enterprise
• Money, technology, energy, time
• Food, clothing, shelter, education

What does opportunity cost refer to?

• The total cost of all available options
• The cost of opportunities
• The benefit of making a choice
• The alternative given up when making a choice

What are long-term personal financial objectives?

• Goals that can be achieved in a few months
• Goals that can be achieved in a few days
• Goals that can be achieved in a few years
• Goals that can be achieved in a few weeks

What is resource allocation?

• The process of allocating resources to different industries
• The process of allocating resources to different individuals
• The process of deciding how to use scarce economic resources to satisfy unlimited needs and wants
• The process of allocating resources to different countries

What is the importance of Australia’s system of taxation?

• To redistribute wealth
• To fund government programs and services
• To control the economy
• To provide free services to citizens

What is the role of an entrepreneur in a market capitalist economy?

• To set prices for goods and services
• To regulate the market
• To negotiate with the government
• To start up their own business or pursue a new idea

What role does competition play in creating opportunities for businesses?

• Reduces the need for customer service
• Forces businesses to innovate and improve
• Drives prices up and restricts profit margins
• Eliminates the need for market analysis