multiple choice 1 Flashcards
who proposed the theory of Monetarism?
Milton Friedman
an internal factor/s when making purchasing decisions?
Personal
Social and Cultural
Ethical and Environmental
Psychological
what does GDP stand for
Gross Domestic Product
what does CPI stand for
Consumer Price Index
The level of material welfare of a community, class or a person’ is a definition of what
living standards
What do businesses use ‘big data’ for?
To tailor their products to suit the needs and wants of consumers
what items is likely to have price elasticity
petrol
public transport
An increase in consumer spending per person in a country is regarded as a sign of
economical growth
what is opportunity cost?
The benefits given up on an alternative by making the current decision
who determines the minimum wage in Australia?
Fair Work Commission
