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Humanities > Economics > Flashcards

Economics Flashcards

1
Q

Define supply

A

The amount of goods or services a producer is willing to produce

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2
Q

Define demand

A

The quantity of goods or services that consumers are willing to buy at a given price

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3
Q

Define law of demand

A

As the price goes up the demand goes down( supply/demand curve)

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4
Q

Define an equilibrium

A

A market where the quantity of goods supplied is equal to the quantity of goods demanded
This is a PERFECT MARKET

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5
Q

Define oliopoly

A

When there are lots of businesses selling relatively the same products
Eg car manufacturers

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6
Q

Define market

A

A system where buyers and sellers can exchange goods and services

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7
Q

Name the 4 factors of production

A

Land
Labor
Capital
Enterprise

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8
Q

Define law of supply

A

As the price goes up the quantity also increases

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9
Q

Factors that influence consumer demand

A 
Price
Quality
In trend
Brand
Peer pressure 
Advertising
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10
Q

What does ACCC stand for

A

Australian
Competition
Consumer
Commission

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11
Q

What is acceptable quality

A

The product must be fit for use
Safe
Of acceptable appearance

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12
Q

Define monopoly

A

When there is only 1 business selling a certain product

Eg Australian post

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13
Q

Define producer

A

A company or business selling goods and services

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14
Q

What is a consumer

A

People that buy and use goods and services

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15
Q

What is the economic problem

A

What to produce
How to produce
Who is your target buyers

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16
Q

What is a need

A

Something that is necessary for life

Eg food

17
Q

What are wants

A

Something thatyou desire but can live without

18
Q

What are the 4 factors of production

A

Land
Labor
Capital
Enterprise

19
Q

What are the 5 sectors in the circular flow of income

A 
Government 
Household 
Financial 
Overseas
Business
20
Q

What is Australian consumer law

A

A law that protects the rights of consumers

21
Q

What are consumer rights

A

If a product has difficulties consumers have the right to a refund replacement or repair

22
Q

What is acceptable quality

A

If a product is
fit for purpose
Safe
Of acceptable appearance

23
Q

What is a scam

A

A dishonest act of fraud to trick consumers into buying a product or giving personal information

24
Q

Does the ACL ( Australian consumer law) protect people from scams

A

Yes

25
Q

What is a recall

A

When a product has a safety hazard the ACCC will ask for it to be recalled or taken back for a refund replacement or repair

26
Q

What is compensation

A

Usually money that get awarded to someone in recognition of loss or injury

27
Q

What is scarcity

A

When there is UNLIMITED wants and LIMITED means or resources in clouding money

Humanities (9 decks)

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