Business and Economics Exam Y9 T2

Question 1

Economy

Answer 1

The total of all activities undertaken for the purpose of producing, distributing and consuming goods and services we require to satisfy our needs and wants.

Question 2

Economic system

Answer 2

A way of organising the production and distribution of goods and services in every society.

Question 3

Exports

Answer 3

Goods and services sold by local business to overseas consumers.

Question 4

Imports

Answer 4

Goods and services purchased by local consumers from overseas businesses

Question 5

Balance of Trade

Answer 5

The difference between the value of a countries exports and the value of a countries imports over a specific period of time.

Question 6

Trade Deficit

Answer 6

When the value of imports are greater than the value of exports this means the country has a trade deficit meaning they sell more than they earn.

Question 7

Trade Surplus

Answer 7

When the value of exports are greater than the value of imports, the country has a surplus sin e they earn more than they sell.

Question 8

Commodity

Answer 8

A primary agriculture product or a raw material.

Question 9

GDP (Gross Domestic Product)

Answer 9

the total market value of all goods a d services produced in an economy in a given time

Question 10

Financial intermediary

Answer 10

Any organization that takes deposit from those with surplus funds and make those funds loans for other

Question 11

Superannuation fund

Answer 11

An account that invests and holds superannuation contributes made by employees, their employers of the government for eventual distribution to help fund am individuals retirement.

Money from every salary that goes into super so government can invest and then when your retire you can that money back.

Question 12

Investment

Answer 12

The use of money to purchase equipment or premises for the establishment of a new business or an existing business.

Question 13

Mortgage loan

Answer 13

Money advanced to a person for the purchase of a house or other property, where the property itself is used as security for the loan. This means the bank or other lender can take procession of the property if the borrower fails to pay regular payments.

Question 14

Labour

Answer 14

The human skills and effort required to provide goods and services

Question 15

Resources

Answer 15

Recourses are the inputs or the building blocks used in the production of goods and services.

Question 16

Business Sector

Answer 16

The business sector is business that provides goods and services to the household sector to satisfy their needs and wants in return for labour.

Question 17

Household Sector

Answer 17

The household sector consists of families and individuals who purchase goods and services from the business sector which they receive in return for their labour when their part of the business sector.

Question 18

Factors of Production

Answer 18

Factors which a used as resources by the business sector. This can also be explained as the factors which are needed to produce goods and services. These factors/resources are land, labour, capital and enterprise.

Question 19

Money

Answer 19

Money is a form of currency which is used to pay/purchase goods and services.

Question 20

Surplus

Answer 20

When bank has loan do give you

Question 21

Welfare payment

Answer 21

Pension to help with super annuation.
Maternity leaves is also welfare.
Childcare support
Disability payments

Question 22

Supply chains

Answer 22

A global supply chain is when a chain of countries supply items, minerals and resources to contribute to the manufacturing of a single product.

Question 23

Why do countries trade?

Answer 23

Acess cheaper goods and services overseas, access better quality of innovative products, sell excess products,

Question 24

List Positive and Negative effects of importing and exporting

Answer 24

Positives
-Increased customer choice
-Lower prices
-Access to new technologies
-Stimulate Economic Growth
-Increase Job Opportunities

Negative
-Viruses
-Reduced government revenue
-Dependency on other countries
-Job Losses
-Foreign currency debt

Question 25

List examples of goods and services that we import and export

Answer 25

Australia imports a wide range of goods, with significant reliance on mineral fuels, machinery, vehicles, and electrical machinery. Australia exports iron ore, coal, natural gas, meat, wool, wine, and education services

Question 26

Explain some reasons why Australia trades with Asia

Answer 26

Australia trades with asia to boost its economic growth and asia is in strong demand for Australian resources.

Question 27

Describe the relationship between the household sector and the business sector.

Answer 27

The household sector provides the business sector with money which they then give to their employees which use the earned when part of the household sector again.

Question 28

Describe the relationship between the household sector, the financial sector and the business sector.

Question 29

Describe the relationship between the household sector, the government sector and the business sector.

Question 30

Describe the relationship between the household sector, the overseas sector and the business sector. remember to use business and economic terminology such as import, export, leakages, injections, investments etc

Question 31

Describe supply chains in your own words.

Answer 31

A supply chain is the interconnected network of processes, people, and resources involved in bringing a product or service from raw materials to the end consumer.

Question 32

What are the benefits of international supply chains?

Answer 32

International supply chains offer businesses several advantages, including access to lower costs, wider markets, and diverse resources.

Question 33

What are the potential drawbacks of international supply chains?

Answer 33

disruptions, economic instability, and increased environmental and social impacts. (carbon footprint)