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WorksheetsIntroduction to Economics
Total questions: 25
Worksheet time: 19mins
A country has an absolute advantage when it can produce
more good and services than another country
goods and services more efficiently than another country with the same set of resources
more services than goods (Smart economy)
more goods than services (Manufacturing economy)
An organisation or enterprise engaged in production and trade of goods or services, usually for profit.
(a)
Capital refers to
physical equipment such as buildings
human capital such as intellectual property
tools used in production such as machinery
all answers are correct
An economic model that provides a theoretical and simplified representation of the economy is called the
Circular Flow of Income Model
Economic Progress Model
Profit-making Model
Flow of Money Model
An ability of a country/economy to gain from trade with another country as this allows the country to specialise is called (a) advantage.
A person or a group that is the final user of goods or services within an economy.
(a)
Key groups involved in the economy are
Government
Households (consumers)
Businesses
Financial Institutions (Banks)
Economic growth is an increase in
the quantity of goods and services produced in an economy over a period of time
employment available in an economy
wealth of a country's population
all answers are correct
An amount of goods or services that consumers are willing and able to purchase at a particular point in time.
(a)
Examples of goods include
bread
milk
lawn-mowing
car
Examples of services include
lawn mowing
dog grooming
GP visit
tax advice
GDP stands for
gross domestic product
great democracy principle
great divide in population
greater debt production
An exchange of goods, services or resources between buyers and sellers.
(a)
A joint dependence between participants in the economy such as the relationship between businesses and households is called
dependency ratio
interdependence
intra-dependency
no answers are correct
A social science that studies decisions made by individuals, households, businesses and governments about how scarce resources are allocated to meet needs and wants.
(a)
Australia's economy is a
market economy
command economy
traditional economy
mixed-market economy
An individual and/or business involved in the production of goods or services.
(a)
An economic problem of having needs and wants, but limited resources that can be used to achieve those needs and wants.
scarcity
poverty
inflation
debt
Assigning of limited resources to produce goods and services to meet society's needs and unlimited wants is called resource (a) .
The amount of goods and services that are available; on offer for sale.
scarcity
demand
supply
distribution
Economic resources include
land
labour
capital
enterprise
Any task that could be performed by employees within an organisation being contracted out to a third party.
(a)
Business processes that were originally performed in-house now moved overseas.
outsourcing
offshoring
delegation
distributing
Examples of needs include
shelter
clothing
food
overseas holiday
Examples of a want include
luxury car
large house
milk and bread
jewellery
