Economics and Buisness

Question 1

Opportunity Cost

Answer 1

the cost of the next best alternative use of resources

EG. if I buy a car, I forgo a holiday later in the year. The holiday is the opportunity cost

Question 2

Scarcity

Answer 2

Being short in supply, shortage

Question 3

Natural Resources

Answer 3

Resources that are gathered from nature

Question 4

GDP

Answer 4

Gross Domestic Product - Measure of the values of all goods and services produced in Australia over a year, if the GDP increases we know the countries GDP is also increasing

Question 5

Recession

Answer 5

Where economic growth declines for six months or more

Question 6

Depression

Answer 6

A severe recession that lasts for two years or more

Question 7

Labour Resources

Answer 7

Goods and services created by human labour - Mental/physical

Question 8

Capital Resources

Answer 8

Resources created by machines - Man-Made

Question 9

Economy

Answer 9

All activities undertaken for the purpose of the production, distribution, and consumption of goods and services in a region or country

Question 10

Demand

Answer 10

The wants for different goods and services

Question 11

Supply

Answer 11

The number of goods and services available for purchace

Question 12

Inflation

Answer 12

The increase of the price of goods and services over time

Question 13

CPI

Answer 13

Consumer Price Index - Measures household inflation

Question 14

Market

Answer 14

Where buyers and suppliers meet to exchange goods and services

Question 15

Employed

Answer 15

People who are in a paid job for more than one hour per week

Question 16

Unemployed

Answer 16

people who are not in a paid job, but who are actively looking for work, or not in a job and are not searching for a job

Question 17

Labour Force

Answer 17

The sum of all employed and unemployed people.

the number of people who are eligible for work

Question 18

Automation

Answer 18

The process of producing goods through the use of minimal/no human effort.