economy

Question 1

economy

Answer 1

an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location

Question 2

employment opportunities

Answer 2

provide services with opportunities which creates jobs and employ and pay people.

Question 3

taxation revenue

Answer 3

the government also earns tax revenue when we buy goods and services. this is known as goods and services (GST).

GST is levied on the most goods and services at a rate of 10%

Question 4

infrastructure

Answer 4

basic organisational structures and features needed for the operation of a society or enterprise (eg. schools, buildings, hospitals).

Question 5

beneficence of infrastructure

Answer 5

government is responsible for funding infrastructure projects. This creates and supports jobs.

Question 6

economic growth

Answer 6

to produce and sell goods and services that individuals that want to buy

Question 7

international trade

Answer 7

rather than selling to a domestic market businesses also export

Question 8

exporting

Answer 8

positive impact on the economic growth of a nation as money from overseas is fuelling local businesses.

Question 9

importing

Answer 9

businesses brining supplies or materials from overseas, reducing business costs and price for the consumer

Question 10

Research and Development

Answer 10

improvement of existing products, business processes and completely new products