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All subjects > HASS yr8- Economics > Flashcards

HASS yr8- Economics Flashcards

1
Q

What is Economic Performance

A

Economic Performance is the evaluation of an economy or measurement of how well it is performing against a number of objects such as unemployment and GDP

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2
Q

What are Living Standards

A

Living standards are the level of wealth, materials goods, comfort and life necessities that are available to people living in a certain area

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3
Q

Measures E…. G….

What does GDP stand for and what does it mean

A

Gross Domestic Product.
It measures economic growth (increase in value of goods & services produced by our economy)

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4
Q

What is Specialisation

A

It’s a method of production where a business focuses on the production of a scarce range of goods/services.

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5
Q

What is Trade

A

Trade is the activity of buying, selling or exchanging goods and/or services between people or countries

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6
Q

What is Interdependence

A

The way participants in an economy (including, individuals, businesses and governments) rely on each other to provide or trade goods and services they cannot provide themselves

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7
Q

What is Allocation

A

Allocation is how we distribute scarce resources among producers;

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8
Q

What are Markets

A

markets are the exchange of resources (or goods and services) among buyers and sellers.

Examples: labour, housing and stock market

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9
Q

What is scarcity

A

The problem of people having unlimited wants and needs, but limited (or scarce) resources to support those needs and wants

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10
Q

The way c… make choices about…

What is ‘Making Choices’ in economics

A

The way consumers (buyers) make choices about what they buy to satisfy their needs and wants

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11
Q

What is opportunity cost

A

The next best alternative given up whenever a choice is made

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12
Q

what is economics

A

economics studies people and the choices they make. It investigates how scarce resources are used to satisfy our unlimited needs and wants.

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13
Q

system established to… (Qs economics x3)

What is an economy

A

an economy is a system established to determine what to produce, how to produce and to whom production to produce for

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14
Q

What are goods

A

A good is something people want or need that can be held or touched

Examples: Phones, computers and TVs

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15
Q

What is a service

A

A service is work people do for consumers

Examples: Vets, cleaners and Doctors

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16
Q

What are the factors affecting demand

A

-tastes/preferences
-population
-price of complementary goods
-income
-price of substitute goods

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17
Q

What are the factors affecting supply

A

-technology
-competition
-cost of production
-taxes/subsidies
-weather/availability

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18
Q

What is socialism

A

a system of the economy where individuals control the factors of production

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19
Q

What is capitalism

A

an economic idea where the government controls the factors of production

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20
Q

What is communism

A

Factors of production controlled by the community

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21
Q

What does import mean

A

Goods brought into the country from another country

22
Q

What does export mean

A

Goods and services sold to another country

23
Q

What does expense mean

A

the cost of running a business
(it’s the opposite of income)

24
Q

where there is L….E….A….

What is recession

A

a period where there is low economic activity like production and consumption

25
Q

What is free trade

A

a tax paid on imports

26
Q

What is competition

A

the goods and services a country sells during the year

27
Q

What is surplus

A

the amount of goods left over after selling what was needed

28
Q

What is a natural resource

A

any resource that is used to produce goods and services that come from nature.

29
Q

Think about your house, name 3 things that have been made from a natural resource

A
  1. table (wood)
  2. bricks (clay)
  3. tap (metal)
30
Q

What is a plantation forest

A

Forests that are planted to provide materials like wood to make things like furniture and flooring

31
Q

What is a human resource

A

Human resources are the workforce

32
Q

Think about your day-to-day life name 3 people you see in their workplace.

A
  1. A teacher
  2. A bus driver
  3. cleaners
33
Q

Why are human resources so important in the creation of goods and services

A

because without them there would be no way to produce goods and services and without jobs, people would find it hard to pay for things

34
Q

Name five capital resources

A
  1. Stapler
  2. Scissors
  3. A rocket
  4. pen
  5. glue
  6. crane
35
Q

Why are capital resources so important in the creation of goods and services

A

Because humans cannot perform the tasks the machine does for them so, without buildings like skyscrapers wouldn’t be able to be built because they are too tall and humans wouldn’t be able to reach the top

36
Q

What type of economy is Aus

A

market economy

37
Q

How are the prices determined

A

they are determined by SUPPLY and DEMAND

38
Q

Who is demand

A

consumers

39
Q

who is supply

A

producers

40
Q

What is demand

A

how badly people want a good/service

41
Q

what is supply

A

the amount of goods available

42
Q

What does the law of DEMAND state?

A

when the price of a product goes up, the quantity demanded will go down (and vice versa)

43
Q

What does the law of SUPPLY state?

A

The quantity supplied of a good rises when the price of the good rises

44
Q

What are the 4 types of markets

A
  1. stock
  2. financial
  3. labour
  4. retail
45
Q

What are the 4 functions of money

A
  1. Medium of exchange
  2. Measure of value
  3. Store of value
  4. Standard of deferred payments
46
Q

What are the 4 factors of production

A
  1. land
  2. labour
  3. capital
  4. enterprise
47
Q

What are the 3 basic economic questions for society

A
  1. What to produce
  2. How to produce
  3. For whom to produce
48
Q

What is the factor of production: land

A

Resources found in nature, Wheat is found on crops.
Examples:
-Rainfall and Climatic Conditions
-Mineral deposits
-Forests
-Crops

49
Q

what is the factor of production: labour

A

Includes all the people who are employed by businesses and government. (Farmers to harvest the wheat)
Examples:
-Doctors
-Builders
-Businesspeople

50
Q

What is the factor of production: Capital

A

Refers to the tools, machinery, and other physical assets used to produce goods and services. (Trucks to collect the wheat.)

51
Q

What is the factor of production: Enterprise

A

Individuals who organise and combine the other three resources to create value/a profit (The local shops pay the farmers to harvest the wheat, which they then sell to consumers.)

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