Topic 6, Government and the Market Economy

Question 1

Non-Renewable resources

Answer 1

inputs to production where the stock of the resources is permanently depleted in the process of production and consumption.

Question 1

Renewable resources

Answer 1

inputs into the production process that reproduce themselves, ensuring that present consumption of these resources does not necessarily reduce the ability of future generations to consume them.

Question 2

Australian Competition and Consumer Commission (ACCC)

Answer 2

Australia’s competition watchdog, which ensures that businesses do not engage in anti-competitive behaviour.