WorksheetsYear 8 Economics Revision
Total questions: 79
Worksheet time: 3615secs
Which of the following refers to individuals and businesses involved in the production of goods and services?
Consumers
Markets
Producers
Retailers
What do we call the relationship between consumers and producers?
A market
Supply and demand
Consumer society
Supply chain
The total of all producers in an economy is known as the ______ sector?
Economic
Financial
Government
Business
Which of the following is not one of the four functions of money?
Medium of exchange
Payment of wages
Measure of value
Store of value
Which legislation helps to protect the rights of workers?
The Anti-discrimination Act
The Workplace Safety Act
The Fair Work Act
The Worker’s Rights Act
Which of the following is not a common form of business ownership?
Sole proprietorship
Partnership
Dual occupancy
Corporation
Who commonly forms business partnerships?
Family
People who work in the same profession
Friends
People who have no previous connection
Technically speaking, who owns a corporation?
Shareholders
The CEO
The federal government
The founders of the corporation
What kind of liability does a corporation have?
Unlimited
Partial
Shared
Limited
McDonald’s restaurants are an example of what form of business ownership?
Cooperative
Franchise
Trust
Collective
What are considered “traditional” working hours?
9am to 4 pm
8.30am to 4.30pm
9am to 6pm
9am to 5pm
The early Australian economy was based around which industry?
Agriculture
Manufacturing
Mining
Retail
The invention of what machine has led to the most significant changes to the modern workplace?
The mobile phone
The fax machine
The computer
The photocopier
What has been the most significant demographic change in the Australian workplace over the last 50 years?
The increase in younger workers
The increase in male workers
The increase in older workers
The increase in female workers
How many hours a week is considered full time work?
25
30
35
40
What is a Market?
The relationship between producers and consumers
Any human effort undertaken in the production of a good or service
The entire group of consumers in an economy
The total number of producers in an economy
What is labour?
The relationship between producers and consumers
Any human effort undertaken in the production of a good or service
The entire group of consumers in an economy
The total number of producers in an economy
What is the Household sector?
The relationship between producers and consumers
Any human effort undertaken in the production of a good or service
The entire group of consumers in an economy
The total number of producers in an economy
What is the Business sector?
The relationship between producers and consumers
Any human effort undertaken in the production of a good or service
The entire group of consumers in an economy
The total number of producers in an economy
What is the Financial sector?
The entire group of organisations that receive deposits and lend money
The role that governments have in the economy.
Refers to both producers and consumers who operate outside of Australia
What is the Government sector?
The entire group of organisations that receive deposits and lend money
The role that governments have in the economy.
Refers to both producers and consumers who operate outside of Australia
What is the Overseas sector?
The entire group of organisations that receive deposits and lend money
The role that governments have in the economy.
Refers to both producers and consumers who operate outside of Australia
A person can be both a producer and consumer.
True
False
What are examples of retail markets?
The stock market, The real estate marker
Large shopping centres, Local shopping strips
Online job boards such as Seek, Job vacancies in newspapers
An award is
The unique employment conditions of an industry
The increase in value of an investment or asset over time
When employees in a particular agreement can gain additional employment benefits and change employment standards and conditions
Welfare payments made by the government to unemployed people
Enterprise Barganing is
The unique employment conditions of an industry
The increase in value of an investment or asset over time
When employees in a particular agreement can gain additional employment benefits and change employment standards and conditions
Welfare payments made by the government to unemployed people
Capital Growth is
The unique employment conditions of an industry
The increase in value of an investment or asset over time
When employees in a particular agreement can gain additional employment benefits and change employment standards and conditions
Welfare payments made by the government to unemployed people
Unemployment Benefits are
The unique employment conditions of an industry
The increase in value of an investment or asset over time
When employees in a particular agreement can gain additional employment benefits and change employment standards and conditions
Welfare payments made by the government to unemployed people
What is a Dividend?
An amount paid to someone in return for the ability to use that person’s money
The distribution of profits paid by a company to its shareholders
The unique employment conditions of an industry
The increase in value of an investment or asset over time
What is Interest?
An amount paid to someone in return for the ability to use that person’s money
The distribution of profits paid by a company to its shareholders
The unique employment conditions of an industry
The increase in value of an investment or asset over time
What is being bought and sold on the labour market?
Food
Water
Skills and effort
Oil
What is being bought and sold on financial markets?
Skills and effort
Food
Water
Money
What is ‘disposable income’?
The difference between the wholesale and retail price
The amount of money an individual earns per year
The amount of money that a household has to spend
The amount of money an individual earns per week
A percentage mark-up is
the amount of money an individual earns per year.
the difference between the wholesale and retail price.
the amount of money that a household has to spend.
the savings made by a customer during a sale.
What are the three different types of inputs that go into any production process?
Labour, equipment and raw materials
Money, water and electricity
Labour, money and water
Money, equipment and raw materials
(a) is the concept that people will buy the goods and services they need and can afford.
(a) is the amount of goods and services producers are willing to produce.
Infrastructure is
A government-owned agency that gathers statistics
Large scale building projects
A general rise in prices across all sectors of the economy
When the government announces its spending and taxation plans
A Government Budget is
A government-owned agency that gathers statistics
Large scale building projects
A general rise in prices across all sectors of the economy
When the government announces its spending and taxation plans
Inflation is
A government-owned agency that gathers statistics
Large scale building projects
A general rise in prices across all sectors of the economy
When the government announces its spending and taxation plans
People receive various forms of (a) payments to supplement their income.
What happens when a service provided by government is privatised?
Governments lose the majority of their influence over how this service is run.
Governments gain the majority of their influence over how this service is run.
The private company loses the majority of their influence over how this service is run.
None of these
What are tariffs?
A general rise in prices across all sectors of the economy
A tax on goods imported into the country from overseas
Those things that contribute to the production process
Goods and services purchased by local consumers from overseas businesses
What is the purpose of Australian Consumer Law?
To ensure that all interactions between buyers and sellers are fair
To ensure that businesses are not harming the environment
To ensure that employees are paid a fair wage
To ensure that nobody is discriminated against in the workplace
Misleading Conduct refers to
businesses advertising only a limited amount of stock at a sale price
consumers being offered special discounts or offers in return for bringing in more consumers to the business
An agreement by which the customer pays a deposit on goods, and the seller holds the goods for an agreed period of time
The wording used in advertising is untrue or inaccurate, or make untrue claims about products
Bait Advertising refers to
businesses advertising only a limited amount of stock at a sale price
consumers being offered special discounts or offers in return for bringing in more consumers to the business
An agreement by which the customer pays a deposit on goods, and the seller holds the goods for an agreed period of time
The wording used in advertising is untrue or inaccurate, or make untrue claims about products
Referral selling refers to
businesses advertising only a limited amount of stock at a sale price
consumers being offered special discounts or offers in return for bringing in more consumers to the business
An agreement by which the customer pays a deposit on goods, and the seller holds the goods for an agreed period of time
The wording used in advertising is untrue or inaccurate, or make untrue claims about products
What is a responsibility that consumers have in relation to goods or services they purchase?
To responsibly use the goods in the way the manufacturer intended
To pay for goods purchased from a door-to-door salesperson within 10 days
To ask for a receipt for purchases over $75
To pay the price agreed upon at the time of purchase
A business may refuse a refund if the buyer has simply changed their mind or if there is nothing wrong with the purchased item.
True
False
What is a guaranteed right that consumers have in relation to goods they purchase?
Products must be fit for proper use.
Repairs and spare parts must be available for a reasonable time after manufacture and sale.
The consumer gains legal ownership of the purchased goods.
All of these
Competition between businesses is not beneficial for consumers as it increases prices.
True
False
Identify the Act of Parliament designed to provide fair competition between businesses.
The Fair Trading and Competition Act
The Competition and Consumer Act
The Consumer and Competition Act
The Fair Business Act
A (a) is when two businesses agree to join together and become one business.
A (a) is where one business buys a second business as a means of growing their business.
Government regulators can take legal action if a person is injured after a supplier fails to remove a banned product from sale.
True
False
How can consumers play a role in product safety?
Buy less products
Only buy products from expensive stores
Report faulty products to the business or the government body
Complain about the product on social media
(a) liability means that the owner(s) of a business can be held personally responsible for the business’s debts.
(a) liability means that if the business cannot pay its debts, shareholders in the corporation will only lose the money they have invested.
What is the difference between a sole proprietorship and a partnership?
A sole proprietorship has unlimited liability but a partnership does not.
A partnership has unlimited liability but a sole proprietorship does not.
A sole proprietorship has only one owner and a partnership has two or more owners.
There is no difference.
In what ways does a private corporation differ from a public corporation?
Public corporations offer shares of the company for sale to the general public.
Private corporations are listed on the stock exchange.
Private corporations can be partly owned by members of the general public.
Public corporations are usually owned by individuals or families.
If someone wants to buy out a corporation, what will they need to do?
Apply for the position of CEO.
Corporations can’t be bought.
Sell all available shares.
Purchase all available shares.
In what ways is a cooperative different to other forms of business ownership?
A person or company holds property or assets for the benefit of another person or a group of people.
They are expensive and complex to set up.
The cooperative itself makes no money as profit goes directly to its members.
All of the above.
What are the benefits to farmers of joining a cooperative?
Farmers can pool their resources.
Shared funds can be used for larger scale purposes such as marketing or bulk purchasing.
They can share their expert knowledge of the specialist aspects of their work.
All of these.
People can be grouped into a target market according to which of the following characteristics?
Demographic characteristics
Physical characteristics
Geographical characteristics
Behavioural characteristics
Psychographic characteristics
A business that fails to seize opportunities is likely to be successful.
True
False
What was work like before the Industrial Revolution?
Hard, long and often dangerous
Easygoing
Scarce
High paid
(a) industries involve the product, harvesting, extraction or processing of natural resources. This can include agriculture, mining and forestry.
(a) industries involve the processing of primary resources to manufacture other goods.
What is outsourcing?
Moving certain work processes to be performed overseas rather than being carried out ‘in-house’ by an organisation
When a business asks another business to produce a product or component on their behalf
Losing one’s job as a result of the position being made redundant
Losing one’s job as a result of being fired
What is offshoring?
When a business asks another business to produce a product or component on their behalf
When a business sells its product online
When a business exports its products overseas
When a business relocates part or all of its work processes to another country
(a) is when a person’s job is no longer needed (due to downsizing, mergers, take-overs, technology) and the person holding the job is no longer needed and so is let go.
What are some of the ethical challenges of globalisation and, in particular, the practice of offshoring?
Ensuring the health and safety of overseas workers
A decline of employment opportunities in some industries
New jobs created as a result of business growth through exporting products to other countries
Increasing prices of products
A (a) is when a group of people use technology to meet or conduct information and training sessions, rather than needing to have face-to-face interactions.
What is a significant change that has occurred in the Australian workforce in the past 50 years?
A greater proportion of female workers
People working until later in their lives and people changing jobs and professions more regularly
Increased popularity of part-time and casual work
All of these
Why do people value work?
To obtain self-satisfaction
To gain status and prestige
To enjoy social interactions with others
To help others
The value of work is an individual matter.
True
False
(a) rate refers to the percentage of people in the working age group (16–65) who are working or looking for work.
Full-time work is where people work the (a) number of hours per week allowed under federal law and/or workplace agreements.
Part-time work is where employees work an agreed percentage of that full-time number of hours. It is always (a) than the full-time number of hours.
