ca last y8 Flashcards
(33 cards)
What is the role of consumers in a market?
Consumers are individuals who purchase goods and services from producers.
What is the role of producers in a market?
Producers are individuals or businesses that create and sell goods and services to consumers.
What is a market?
A market is a place where buyers and sellers interact to exchange goods and services.
What is the labor market?
The labor market is where workers sell their skills, knowledge, and effort to employers in exchange for wages.
What is the role of employers in the labor market?
Employers hire workers, provide them with tasks, and pay them wages in exchange for their labor.
What is the government’s role in the labor market?
The government sets laws and regulations to protect workers’ rights, ensure safe working conditions, and promote job creation.
What is the housing market?
The housing market is where houses are bought and sold.
What is a landlord?
A landlord is a person who owns property and rents it out to tenants.
How do rising house prices affect people’s ability to buy homes?
Rising house prices make it more difficult for people to afford homes, especially for first-time buyers.
What is the stock market?
The stock market is a place where shares of publicly traded companies are bought and sold.
What are shares?
Shares represent partial ownership of a company.
What is the Australian Securities Exchange (ASX)?
The ASX is the primary stock exchange in Australia where shares of large public companies are listed and traded.
What is the foreign exchange market?
The foreign exchange market is where currencies of different countries are bought and sold.
Why do people and businesses trade currencies?
People and businesses trade currencies to make purchases or payments in foreign countries.
How do foreign exchange traders make money?
Foreign exchange traders make money by buying currencies when their value is low and selling them when their value is high.
What is interdependence in an economy?
Interdependence is the relationship where consumers and producers rely on each other.
What is the household sector?
The household sector consists of individuals or consumers who work for businesses and use their income to buy goods and services.
How does money flow through the economy?
Money flows through the economy as individuals earn income from businesses, use that income to buy goods and services, and businesses use the revenue to pay for resources and wages.
What is the business sector?
The business sector consists of producers that make and sell goods and services to consumers.
What is the goal of businesses?
The goal of businesses is to make a profit by selling goods and services for more than the cost of production.
What is a cooperative?
A cooperative is a business owned and operated by a group of people who work together to achieve shared economic, social, and cultural goals.
What is the potential conflict between businesses and consumers?
Businesses aim for high profits, while consumers desire lower prices.
What is the potential conflict between businesses and workers?
Businesses aim to minimize costs, including labor costs, while workers desire higher wages.
What is the debate regarding the relationship between businesses and individuals?
Some argue that businesses have an unfair advantage over individuals due to high profits, while others believe that workers can control production without business owners.
