economics

Question 1

wages

Answer 1

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

Question 2

supply

Answer 2

the total amount of a good or service available to consumers

Question 3

demand

Answer 3

desire and willingness to pay for specific goods and services

Question 4

resource allocation

Answer 4

the way we distribute scarce resources to producers and consumers

Question 5

taxes

Answer 5

money that the government collects from the public to pay for goods and services (GST, income tax)

Question 6

externality

Answer 6

the impact that economic activities can have on people who are not involved in the activity

Question 7

outsourcing

Answer 7

obtaining goods and services from outside suppliers to reduce cost

Question 8

workers union

Answer 8

an organisation formed to promote collective bargaining with employers over wages

Question 9

child labour

Answer 9

the employment of children in an industry or business which is considered illegal

Question 10

demographics

Answer 10

statistical data relating to the population and particular groups

Question 11

factors of production

Answer 11

the impacts that are used in order to make economic profit (land, labour, capital, enterprise)

Question 12

profit

Answer 12

the amount of money earns by a business after all expenses have been paid off

Question 13

consumer

Answer 13

a person who buys things to use

Question 14

economics

Answer 14

the study of how people and society use resources to satisfy their needs (what, how, now)

Question 15

manufacturer

Answer 15

a business that produces a good and sells the goods on to the retail store who then sells the product to the end consumer

Question 16

scarcity

Answer 16

unlimited needs and resources

Question 17

need

Answer 17

a need is a good or service essential to human survival

• food
• water
• shelter

Question 18

wants

Answer 18

human desire for bigger and better living. these are unlimited

Question 19

complementary goods

Answer 19

a complementary good is a good that goes with another good

• fuel + car
• torch + battery

Question 20

substitute good

Answer 20

goods which can replace each other:

• coke vs pepsi
• banana vs apples

Question 21

location

Answer 21

location is all the factors that can determine if a business will be a success or failure

Question 22

target market

Answer 22

the type of people you’re trying to sell your product to

Question 23

demographics

Answer 23

what kind of people lives in a certain place so that the business can get a better understanding for what products to produce

Question 24

competition

Answer 24

competition between business is what drives them to improve the way in which they provide goods

Question 25

market

Answer 25

the exchange of goods and services among buyers and seller