• 1. 
    The four sectors in the economy are...

  • The household sector, financial sector, business sector & government sector
  • The household sector,tax sector,business sector, & government sector
  • The business sector, tax sector, household sector & financial sector
  • The financial sector, government sector, corporate sector, & household sector
  • 2. 
    Supply represents...

  • how much of a product or service the market has to offer
  • how much of a product that the customer wants to buy
  • how many goods are available for purchase
  • how much of a product or service that buyers want to sell
  • 3. 
    Labour is...

  • the human process of manufacturing goods and services
  • the human skills and effort required in the production process
  • the human skills required to acquire raw materials
  • the human skills and effort required to manufacture goods and services
  • 4. 
    Australia's biggest trading partner is ...

  • USA
  • Japan
  • Mongolia
  • China
  • 5. 
    Gross Domestic Product (GDP) refers to

  • the total monetary value of a country based on goods and services produced
  • the total value of all goods and services that are required for the production process
  • the total value of all goods and services produced in a business in a given period of time
  • the total value of all goods and services produced in a country in a given period of time
  • 6. 
    Goods are...

  • goods are sold at supermarkets for consumption
  • goods are intangible items that cannot be seen or touched
  • goods are actions done by businesses for consumers
  • goods are physical, tangible products that can be seen and touched
  • 7. 
    Land refers to...

  • all the raw materials that mined and used in difference resources to create goods and services for the consumer
  • all the raw materials and other natural resources that go into the production of goods and services
  • all the raw materials that are offered to producers as goods and services for the consumer
  • all the raw materials that are mined in minecraft
  • 8. 
    Globalisation can be defined as...

  • Economic transactions that are made between countries
  • The exchange of goods and services among individuals and businesses in multiple countries
  • The process of interaction and integration among people, companies, and governments worldwide
  • A change in global or regional climate patterns
  • 9. 
    Australia's biggest export in 2017 was ...

  • Iron ore
  • Wheat
  • Natural gas
  • Coal
  • 10. 
    Opportunity cost can be defined as...

  • Having fewer resources than needed to fill human wants and needs
  • A time or set of circumstances that makes it possible to do something
  • Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media
  • The loss of other alternatives when one alternative is chosen
  • 11. 
    A service is...

  • are the products offered by businesses
  • are companies that offer business to consumers
  • are physical, tangible items that can be seen and touched
  • the actions that are done by businesses for consumers
  • 12. 
    A supply chain is...

  • The transport of goods by sea or some other means
  • The sequence of processes involved in the production and distribution of a product or service
  • The commercial activity of transporting goods to customers
  • The amount of a commodity, product, or service available and the desire of buyers for it
  • 13. 
    Exports are...

  • goods and services that are purchased from overseas businesses
  • goods and services that are exported to overseas governments
  • goods and services that are sold domestically to the household sector
  • goods and services sold by local businesses to overseas consumers
  • 14. 
    The economy is the total of all activities for the purpose of...

  • producing, marketing and selling goods and services in a country
  • creating, designing and exploring goods and services in a country
  • producing, distributing and consuming goods and services in a country
  • producing, distributing and selling foods and services in a country
  • 15. 
    The financial sector can be described as...

  • banks that use the deposits collected in order to help businesses grow
  • financial intermediaries that collect deposits and invest in the growth of businesses
  • financial intermediaries that allow consumers to open savings accounts
  • banks that charge interest on loans that are offered to consumers
  • 16. 
    The business sector can be described as...

  • producers that provide goods and services to satisfy the needs and wants of households
  • consumers that are working in the business sector to earn money
  • consumers that purchase goods and services for the business sector
  • producers that provide goods and services to consumers in order to make a profit
  • 17. 
    Capital is...

  • the money or cash on hand that a business has at their disposal
  • all the equipment used by human labour in the process of production
  • all the equipment used when to create goods and services for the consumers
  • the resources required to produce goods and services for consumers
  • 18. 
    Household demand is...

  • the amount of goods or services that consumers are willing and able to purchase at a point in time
  • the amount of products created throughout the production process that are available to the household sector
  • the amount of goods and services that businesses produce for the household sector at a point in time
  • the amount of goods required in the production process
  • 19. 
    The economic problems of relative scarcity refers to...

  • consumers purchasing goods and services from businesses
  • consumers not being able to afford different goods and services
  • consumers making purchasing decisions in relation to their needs and wants
  • consumers making purchasing decisions in relations to goods and services
  • 20. 
    The GFC was caused by.....

  • Consumer confidence was low due to the war in Iraq
  • Banks and other lenders were willing to make increasingly large volumes of risky loans
  • The American government was in debt to the IMF and interest rates were increased significantly
  • Baked beans
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