Flashcards I used in preparation for the mock exams for business studies, 2017. The questions and answers were taken from a published workbook for NCEA economics
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Erstellt von Tilly Surrey
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Explain the concepts of scarcity, choice and opportunity cost and how they come into play when consumer choices are made
What are resources?
What are means?
Explain Scarcity
What are needs and wants
Explain Conflict
What are values and how do they affect consumer choice
List some of the factors which can affect values
What are consumer choices
What is demand
What are flow on effects
What does TALL stand for and when can you use this acronym
State the law of demand
What causes a change in demand
How do non-price factors affect demand
List some non-price factors
What are normal goods?
What are inferior goods?
What are savings
Explain income tax and disposable income
