ECONOMICS $$$🤑🤑💰💵💵💸💸🤑🤑🤑🤑🤑🤑🤑

Question 1

what is markets

Answer 1

the exchange of goods and services among buyers and sellers.

Question 2

consumer

Answer 2

a person who buys things to use

Question 3

producer

Answer 3

a person or business who makes and sells things for a profit

Question 4

goods and services

Answer 4

a term used in economic to describe all products sold or traded within an economy

Question 5

goods VS services

Answer 5

a good is a tangible object that consumers buy and have for a certain. amount of time. a service is a nontangible thing that is an experience or something done for you

Question 6

profit

Answer 6

the amount of money earned by a business after all of its expenses have been paid for.

Question 7

employers

Answer 7

a business who employs workers to produce goods and services.

Question 8

lease

Answer 8

a contract that allows a person
to use a property for a period of
time, usually in exchange for rent
money

Question 9

labour

Answer 9

the skills, knowledge and effort
provided by a worker

Question 10

wage

Answer 10

the amount of money that a
worker is paid based on the work
that they provide

Question 11

demand

Answer 11

the amount of a good or service that consumers will buy at a certain price

Question 12

supply

Answer 12

how much a producer will sell at a certain price’

Question 13

housing market

Answer 13

exchange: people spend money to buy or rent a home
income: people can get money from charging rent or by selling their homes for a profit
issue: not everyone can afford a home

Question 14

stock market

Answer 14

exchange: shares in companys are bought and sold
income: people can sell shares for a profit or recieve dividends
issue: its very hard to do this

Question 15

labour market

Answer 15

exhange: people spend money to buy or rent a home

Question 16

foreign exchange

Answer 16

exchange: workers exchange their knowledge and skills for money
income: workers get paid wages/salaries
issue: workers can be treated unfairly, there are laws in australia to protect them

Question 17

employee

Answer 17

a person who works for a business

Question 18

landlord

Answer 18

the owner of a house who
leases it out to a tenant in exchange
for rent

Question 19

tenant

Answer 19

a person who pays rent in
exchange for living in the house
owned by someone else

Question 20

wants

Answer 20

things that we desire but can survive without

Question 21

strategy

Answer 21

a plan for achieving goals

Question 22

scarcity

Answer 22

the problem of people having unlimited wants and needs but limited resources to support those needs and wants

Question 23

employee

Answer 23

a person who works for a business

Question 24

market

Answer 24

the exhange of goods and services among buyers and sellers

Question 25

export

Answer 25

selling products to overseas countries

Question 26

resources

Answer 26

these are known as factors of production

Question 27

consumer

Answer 27

people who buy things to use

Question 28

needs

Answer 28

things that we physically cannot survivr without

Question 29

employment

Answer 29

having a job that returns an income for the work provided.

Question 30

opportunity cost

Answer 30

what we miss out on making a choice. it is the alternative that we forgo when we have to choose between two options

Question 31

why do laws exist in the labour market

Answer 31

to protect workers from being treated unfairly

Question 32

three biggest employing industrys

Answer 32

health education and defense

Question 33

relationship between price and quantity demanded

Answer 33

inverse

Question 34

relationship between price and quantity supplied

Answer 34

poisitive relationsip direct relationship

Question 35

four key items about a good graph

Question 36

rent

Answer 36

the money paid by a person to use a property for a period of time

Question 37

interdependence

Answer 37

the way participants in an economy (such as individuals, businesses and governments) rely on each other to provide or trade the goods and services they cannot produced themselves

Question 38

law of demand

Answer 38

when prices rise, the quality demanded decreases and when prices fall, the quality demanded increases

Question 39

law of supply

Answer 39

the higher the price that a good or service can be sold for, the higher the quantity that suppliers are willing to produce

Question 40

resource allocation

Answer 40

allocation is how we distribute scarce resources among producers

Question 40

factors of production

Answer 40

economic resources, which are divided into four categories: land, labour, capital and entrepreneurship

Question 41

land

Answer 41

natural resources that a business uses, eg minerals. exchanged for rent.

Question 42

labour

Answer 42

employees hired by a business eg manual laborers, exhancged for wages

Question 43

capital

Answer 43

man made resources usedf by a business ti produce other goods and services eg money, exchanged for interest

Question 44

enterprise

Answer 44

refers to the ability of a business to combine. the other 3 factors of production.

Question 45

taxes

Answer 45

money that the government collects from the public to pay for public goods and services