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:

The first two sectors of the circular flow of income (CFY) model are [blank_start]households[blank_end] and [blank_start]firms[blank_end]. In the CFY model, households provide [blank_start]resources[blank_end] to the firms, who pay them [blank_start]income[blank_end] in return. The households then spend their income in the form of [blank_start]consumption[blank_end], to buy [blank_start]goods and services[blank_end] 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 [blank_start]banks[blank_end], with the leakage being [blank_start]savings[blank_end] and the injection being [blank_start]investment[blank_end]. The government sector has a taxation [blank_start]leakage[blank_end] and a government expenditure [blank_start]injection[blank_end]. Finally, the overseas sector represents [blank_start]trade[blank_end] with other economies, including [blank_start]imports[blank_end] as a leakage and [blank_start]exports[blank_end] as an injection.