Year 9 Economics recap

1

The economic problem refers to:

1

The four factors of production are:

1

The circular flow of income demonstrates that:

1

Which of the following names the leakages in the circular flow of income model:

1

The rate of income tax paid rises as a person's income increases. This is known as a ___________________ tax:

1

The three stages of the production process are primary, secondary and tertiary industries:

1

A person cannot be wealthy unless they also have a high level of income:

1

All employers must pay their employees superannuation as part of their salary or wage:

1

Dividends are a percentage of a company's profits paid to its shareholders:

1

The first two sectors of the circular flow of income (CFY) model are ❌ and ❌. In the CFY model, households provide ❌ to the firms, who pay them ❌ in return. The households then spend their income in the form of ❌, to buy ❌ from the firms.

The other three sectors of the CFY model are the financial sector, the government sector and the overseas sector. The financial sector includes ❌, with the leakage being ❌ and the injection being ❌. The government sector has a taxation ❌ and a government expenditure ❌. Finally, the overseas sector represents ❌ with other economies, including ❌ as a leakage and ❌ as an injection.

firms

households

resources

income

consumption

goods and services

banks

savings

investment

leakage

injection

trade

imports

exports

Revision of Year 9 Economics content.

Year 9 Economics recap

Year 9 Economics recap

The economic problem refers to:

The four factors of production are:

The circular flow of income demonstrates that:

Which of the following names the leakages in the circular flow of income model:

The rate of income tax paid rises as a person's income increases. This is known as a ___________________ tax:

The three stages of the production process are primary, secondary and tertiary industries:

A person cannot be wealthy unless they also have a high level of income:

All employers must pay their employees superannuation as part of their salary or wage:

Dividends are a percentage of a company's profits paid to its shareholders: