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- Multiple ChoicePlease save your changes before editing any questions.
What are the two strands of economics?
Microeconomics and Macroeconomics
Small and big economics
Land, labour, capital, enterprise
- Multiple ChoicePlease save your changes before editing any questions.
Define what a need is
Something that you want
Something you need for survival
Relative scarctity
Money
- Multiple ChoicePlease save your changes before editing any questions.
What is opportunity costs?
Opportunity to gain money
The labour provided to create a product
Second choice or alternative choice
Supply and demand
- Multiple ChoicePlease save your changes before editing any questions.
What are the four factors of production?
people, planet, profit
Money, markets,,entrepreneur, objects
Land, people, money, markets
Land, labour, capital, enterprise
- Multiple ChoicePlease save your changes before editing any questions.
What is a market economy?
Where everyone is equal
Consumers influence the types of goods and services
The government are involved with everything
Environment is important
- Multiple ChoicePlease save your changes before editing any questions.
What is a planned economy?
Government decides how resources can be used
Consumers decide the goods and services
Communism
Socialism
- Multiple ChoicePlease save your changes before editing any questions.
In a socialist society...
Resources own themselves
Animals owns all the resources
The government owns all resources
Everyone owns goods and services
- Multiple ChoicePlease save your changes before editing any questions.
In a capitalist society...
The government owns all the resources
The government make all the decisions
Decisions are made by the ungrateful cat
All resources are privately owned
- Multiple ChoicePlease save your changes before editing any questions.
Karl Marx had a theory about...
Communism
Socialism
Objectivism
fascism
- Multiple ChoicePlease save your changes before editing any questions.
What is a traditional economic system?
People own their own assets
People are rich
People are self-sufficient
Country owns the resources
- Multiple ChoicePlease save your changes before editing any questions.
John Keyes believes in...
Everyone is equal
Government intervention
Consumers own goods and services
Money is everything
- Multiple ChoicePlease save your changes before editing any questions.
What is Australia's economic system?
planned socialist
Market socialist
Planned capitalist
Market capitalist
- Multiple ChoicePlease save your changes before editing any questions.
What is relative scarcity?
Too many needs and wants compared to the resources available
The country has too many resources
People have too many needs and can not cope
something they need for survival
- Multiple ChoicePlease save your changes before editing any questions.
Who are the players in our economy
People, planet, profit
Consumers, government, businesses and financial institutions
Karl Marx, Adam Smith, John Keyes
Land, labour, capital, enterprise