Economics & Business Test

Define opportunity cost

What is the market?

Define scarcity

What is the basic economic problem?

What is an economic system?

What are the 3 basic economic questions?

What is specialisation?

An example of specialisation and how it is more efficient.

What is the economic system in Aust. called? What does this mean?

Example of trade within and with another country for Australia.

Define interdependence

Draw the basic circular flow model.

Who is at the centre of Australia's market system?

How do we satisfy our needs and wants?

Define labour.

What does the basic circular flow model show?

Draw the expanded circular flow model.

How do markets attempt to solve the economic problem?

What is demand?

What does the law of demand state?

What is supply?

What does the law of supply state?

Where does a market exist?

What are the different types of markets?

Where are retail markets?

What are labour markets?

Who are the sellers? And buyers of labour?

How does the labour market operate?

What is profit?

What is a financial market?

The functions of money:

What is interest?

What is the stock market also called?

What is the stock market?

What is a share?

What is the stock market known as in Australia?

What is capital growth?

Example of a supply and demand graph