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WorksheetsIntroduction to Economics part 2
Total questions: 20
Worksheet time: 10mins
Economic growth is measured by...
Gross International Product
Gross Domestic Product
Gross International Export
Gross Domestic Export
Economic growth is featured by ...
Producing more goods & services in this month compared last month
Producing more goods & services this quarter compared to last quarter
Producing more goods & services within last 6 months compared to previous 6 months
Producing more goods & services this year compared to last year
According to this image, which country has the largest GDP in the world?
America
China
Japan
Australia
According to this image, which country has the third largest GDP in the world?
America
China
Japan
Australia
The GDP per capita for country A is ...
1000
10,000
1,000,000
10,000,000
The GDP per capita for country A is calculated by ...
Taking GDP divided by number of states
Taking total population divided by GDP
Taking GDP divided by total population
Taking GDP divided by number of cities
What is recession?
A decline in economic growth for six months or longer
A decline in economic growth for one year or longer
A decline in living standards marked by increased unemployment and reduced expenditure on goods & services
A decline in economic growth for two years or longer
What is depression?
A decline in economic growth for six months or longer
A decline in economic growth for one year or longer
A deep and prolonged decline in living standards marked by continual rise in income and unemployment, and continual fall in sales and production
A decline in economic growth for two years or longer
What is ethics?
Applying moral standards to business behaviour
Applying illegal standards to business behaviour
Applying dishonourable standards to business behaviour
Applying fradulent standards to business behaviour
The demand for cosmetics, soaps and fragrances increased mean companies are willing to subject animals to cruelty. What is the ethical issue?
Unsustainable cacao beans
Animal testing
Wage poverty (minimum vs living wage)
Unsustainable palm oil
Palm oil is used in chocolate product but unmaintable palm harvesting kill orangutans and destroy their homes. What is the thical issue?
Unsustainable cacao beans
Animal testing
Wage poverty (minimum vs living wage)
Unsustainable palm oil
Current cacao farming practices include growing cacao beans intensively without letting the soil recover, clearing more rainforest areas and destroy local habitats, and using pesticides that run off into local water source. What is the ethical issue?
Unsustainable cacao beans
Animal testing
Wage poverty (minimum vs living wage)
Unsustainable palm oil
Kmart, BigW and Target can sell cheap products because they pay cheap wages to workers. This is not against the law but it is still not enough for workers to access good food, drinks and healthcare. What is the ethical issue?
Unsustainable cacao beans
Animal testing
Wage poverty (minimum vs living wage)
Unsustainable palm oil
How to be ethical consumers?
Buy products from companies that pay fair wage and have fair trade
Buy cruelty free products that do not test on animals
Avoid products listing palm oil as ingredient and buy products that are RSPO-certified (Roundtable on Sustainable Palm Oil)
Buy chocolate that have fair-trade and Rainforest Alliance labels. Big companies such as Mars, Ferrero, Hershey have committed to using 100% certified cacao
How to be ethical business owners?
Make as much money as possible
Pay workers fairly (a living wage)
Source products that are ecofriendly and kind to animals
Building trust with customers by lying about the fair-trade labels
What is primary industry?
Businesses that associate directly wth obtaining or producing natural raw materials
Businesses that turn raw materials into products for consumers to use
Examples of primary industry include farming, fishing
Examples of primary industry include meat-packing, car building
How does drought affect price of fruit and vegetables?
There is no noticeable price changes
Drought makes it difficult to grow produce, thus affecting supply. When supply is more than demand, price increases
Drought makes it difficult to grow produce, thus affecting supply. When demand is more than supply, price increases
Price only increases in drought-stricken areas, not main cities
How does drought affect meat and diary?
Less rain means less grass, so farmers have to feed cattle with grains, resulting in higher pricing
Less rain means less grass, so farmers have to feed cattle with grains, resulting in lower pricing
Price only increases in drought-stricken areas, not main cities
Meat and diary can be imported from other places to maintain same price
How does drought affect the economy?
Farmers begin to limit non-essential expenditures (desires), thus reducing local business profuts, resulting in increased unemployment rate
The best produce is exported overseas, thus increasing local prices due to lower supply
Higher costs (feeding animals, vet bills, water, etc) & lower incomes = significant debt and possible foreclosure
Only the economy of drought-stricken local community is affected, not the whole country
How to help the farmers who are suffering from drought?
Farmers do not need help
Other citizens can donate clothes, hay and money to farmers
Local consumers can choose to support farmers by buying slightly inflated produce, instead of imported/overseas produce
Government can provide compensation or relief for farmers who lose their income caused by drought
