What is the term for the following definition: 'the level of economic activity of the world’s individual countries considered together, as a single economic system.'?

What is the term for the following definition: 'An organisation, enterprise or business engaged in the production and trade of goods and services.'?

Fill in the blank: ______ are items that you purchase (e.g. pens, pencils, computers).

Fill in the blank: ______ is an activity provided by another person (e.g. washing a car, teaching).

Which of the following best defines 'Good'?

Which of the following best defines 'Service'?

Which of the following is an example of a good or service that Yeppoon offers?

Identify the correct way to choose 5 items in the classroom and find out where they were made.

Australia is known for making/providing:

The purpose of the circular flow of income model is to:

To meet the success criteria for this lesson, you must:

What is the term for the following definition? 'A model that provides a simplified representation of the complex workings of an economy and depicts the interdependence between the various sectors of the economy and the flows between them.'

What is the term for the following definition? 'The amount of goods or services that consumers are willing and able to purchase at a particular point in time.'

What is the term for the following definition? 'The strengthening of economic ties between countries and the resulting trade and investment opportunities.'

What is the term for the following definition? 'The organised exchange of goods, services, or resources between buyers and sellers.'

Australia has a free market economy.

Resources are allocated to satisfy ______ needs and wants.

Who intervenes in the market to redistribute resources in Australia?

The circular flow of income model represents the flows between the different sectors of the Australian economy.

Why is the circular flow of income model important?

In the Circular flow of income 4 sector model, which sector provides economic resources such as land, labour, capital, and enterprise?

In the Circular flow of income 4 sector model, what does the Business Sector provide to the Household Sector?

Fill in the blank: In the Circular flow of income 4 sector model, payments for goods and services made by the Household Sector to the Business Sector are called _________.

Which of the following is considered a leakage in the Circular flow of income 4 sector model?

In the Circular flow of income 4 sector model, Government Spending (G) is considered an injection into the economy.

Fill in the blank: In the Circular flow of income 4 sector model, the flow from the Business Sector to the Household Sector that consists of rent, wages, interest, and profit is called _________.

In a four sector model, households provide economic resources. What are the four types of economic resources provided by households?

Businesses provide goods and services to households. What is this known as?

What is the outer flow of resources where no money changes hands called?

The outer flow is representative of which type of economy?

Households pay for goods and services provided by businesses. This is known as _________.

Businesses pay households for resources. This is known as _________.

Which of the following is NOT a factor return paid by businesses to households?

The inner flow of money or the real money flow includes which of the following?

Refer to the diagram of the 'Circular flow of income 4 sector model.' Which sector provides economic resources such as land, labour, capital, and enterprise?

Refer to the diagram of the 'Circular flow of income 4 sector model.' What is the term for payments for goods and services made by the Household Sector to the Business Sector?

Refer to the diagram of the 'Circular flow of income 4 sector model.' Fill in the blank: The flow of money from the Household Sector to the Finance Sector is called ________.

Injections in the circular flow of income include Investments (I) and Government Spending (G).

What types of organisations are included in the finance sector?

Households save some of their income. This is known as ________ (S).

Savings are deposited with financial institutions. Financial institutions lend households’ savings to businesses. This is known as ________ (I).

Savings (S) are a leakage from the basic money flow between households and businesses.

Which of the following is NOT one of the four sectors in the Circular flow of income 4 sector model?

In the Circular flow of income 4 sector model, which sector is responsible for providing economic resources such as land, labour, capital, and enterprise?

Fill in the blank: In the Circular flow of income 4 sector model, ________ refers to payments for goods and services.

Which sector in the Circular flow of income 4 sector model is associated with Savings (S) and Investments (I)?

Fill in the blank: In the Circular flow of income 4 sector model, Government Spending (G) is an example of ________.

According to the passage, which levels of government are included in the government sector?

Fill in the blank: The government sector collects ______ and uses them to help pay for public services.

Which of the following is NOT mentioned as a public service funded by the government sector?

Select two examples of public services that the government sector helps pay for.

What is the main objective of an economy according to the passage?

According to the passage, what is the main problem that economies face?

Fill in the blank: Choices need to be made about how to allocate _______ to best satisfy needs and wants.

In the diagram, what does 'scarcity' represent?

What is the government's objective in managing the Australian economy?

Economic growth can be measured using which of the following?

Higher economic growth is achieved through increased production of goods and services to satisfy ________.

GDP or Gross Domestic Product is a measure of the value of all the goods and services produced by an economy in a period of time.

What does every country require for its goods and services?

Markets can be ________, regional, national and international.

Expansion into international markets is a source of economic growth.

Businesses depend on global expansion after saturating their domestic markets because:

Imagine a School as an 'Economy': What is the local market in this scenario?

Imagine a School as an 'Economy': What is the regional market in this scenario?

Imagine a School as an 'Economy': What is the national market in this scenario?

Imagine a School as an 'Economy': What is the international market in this scenario?

This is Tim. Imagine he runs a business selling watches to his classmates. What happens when he has sold a watch to everyone at the school?

What does the four sector circular flow of income model assume about Australia's economy?

Why is it necessary to add the overseas sector to the four sector circular flow of income model for Australia?

What does the five sector model show in the context of the Australian market economy?

Refer to the diagram of the Circular flow of income 5 sector model. Which of the following is NOT a sector in the model?

In the Circular flow of income 5 sector model, what does the 'S' in the equation S + T + M = I + G + X stand for?

According to the Circular flow of income 5 sector model, which of the following is considered a leakage?

Fill in the blank: In the Circular flow of income 5 sector model, ________ are considered injections into the economy.

What is the exchange of goods, services, and capital in the overseas sector known as?

Trade is not a new process. It started with the great colonial expansion by which group of countries around the world several hundred years ago?

There was a big expansion in world trade in the late 19th century and again after which major event?

Since the late 19th century, governments have cooperated to encourage freer trade with other countries.

International trade has grown exponentially, despite a dip during which global event?