9 Business FA1 CR Exam Revision & Consolidation

What is the definition of an Economy?

• An economy is a system in which businesses produce goods and services, and individuals and organizations consume them, creating a cycle of exchange and allocation of resources.

• An economy is a system designed to make everyone equally wealthy.

• An economy is a collection of all the money in a country.

• An economy is a system where businesses produce goods and services for the good of their heart

State the top 5 countries Australia exports to and what those exports are. Explain why this is the case in 100 words

State the top 5 countries Australia imports from and what those imports are. Explain why this is the case in 100 words

Connect the following to their correct definitions

• combination of market and planned economies

• Command Economy

• based on supply and demand

• Mixed Economy

• based on government control

• Free market Economy

• based on customs and traditions

• Traditional Economy

Businesses produce goods & services to generate a profit. A good is ​ (a)   whilst services are ​ (b)   .​

• a tangible item or thing
• intangible actions or performances
• items related to technology
• an intangible word

The ACCC acts as Australia's competition referee, ensuring businesses play fair and compete for your dollar. This means they enforce laws to prevent misleading advertising and unfair practices, promoting a healthy marketplace for both consumers and businesses. The ACCC stands for:

• Australian Competition and Consumer Commission

• Australian Covid and Cure Commission

• Australian Curation and Creation Commission

• Australian Curation and Consumer Commission

Match the following words to their definition

• To bring goods or services into a country from abroad for sale

• Import

• To send goods or services to another country for sale

• The burgers are better at

• To carry or move goods or people from one place to another

• Export

• Hungry Jacks

• Transport

Australia imports goods and​ (a)   to expand the choices available to consumers and businesses. Importing can sometimes be more cost-​ (b)   than producing items domestically. Australia may need to import ​ (c)   goods and services that it cannot make itself. Lastly, importing increases competition in the Australian ​ (d)   , pushing businesses to become more efficient and providing better value for ​ (e)   .

• services
• effective
• intensive
• specialised
• market
• consumers
• sellers
• population

Australia exports goods and services to other ​ (a)   for several reasons. Selling products overseas allows Australian businesses to reach a wider ​ (b)   base and grow their profits. Exports can also create ​ (c)   in Australia as businesses ramp up production to meet foreign demand. Additionally, exporting strengthens the Australian economy by bringing in foreign ​ (d)   , which can be used to purchase imports or invest in domestic businesses.

• countries
• customer
• jobs
• currency
• fees

The world has (a)   resources to use which is why sustainability is important.