The _________________system of a country is used to answer the three important economic questions: What to produce; how to produce; and for whom to produce?

Australia’s economy is largely a __________________economy.

The three economic questions are answered by the market through the laws of ___________________and ___________________.

Resources are only used to make things that people will buy and are ______________________

Australians households provide economic resources to businesses in the form of the factors of production — land, labour, capital and enterprise. Businesses provide goods and services to households. This is known as output or production.

What is this model called?

The government sector takes a portion of people’s incomes in the form of taxation (T), which represents a _________________from the circular flow.

Competitive advantage is an attribute that a business aims to create and maintain in order to distinguish itself from the competition in the market.

Cost leadership strategies involve actions by

businesses aimed at ____________________________

Differentiation means developing and marketing goods

and / or services to customers that _________________________________