Hass Exam Economics & Geography

Question 1

Scarcity

Answer 1

Having limited recourses to achieve unlimited needs and wants

Question 2

Market

Answer 2

The organised exchange of goods, services or recourses between buyers and sellers.

Question 3

Distribution of Wealth

Answer 3

The way in which the wealth and income of a nation are divided among its population, or the way in which the wealth and income of the world are divided among nations.

Question 4

Infant Mortality

Answer 4

How much babies die before their 1st birthday.

Question 5

Life Expectancy

Answer 5

The average period a person may expect to live.

Question 6

Literacy Rate

Answer 6

The percentage of a population of a given age that can read or write.

Question 7

Financial Liabilities

Answer 7

A liability is something a person or company owes, usually a sum of money.
Liabilities are settled over time through the transfer of economic benefits including money, goods, or services.

Question 8

Tax

Answer 8

An amount of money that a government requires people to pay according to their income. the value of their property, etc.

Question 9

Economic Growth

Answer 9

An increase in the amount of goods and services produced per person within a specific period of time.

Question 10

Economic Problem

Answer 10

the problem of choice in the use of scarce resources for satisfaction of unlimited human wants.

Question 11

Opportunity Cost

Answer 11

Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.

Question 12

Example of Opportunity Cost

Answer 12

A student spends 3 hours and $20 at the movies the night before the exam.

Question 13

Supply

Answer 13

The amount of a specific good or service that is available to consumers.

Question 14

Demand

Answer 14

The amount of a product consumers are willing to buy at a given price.

Question 15

4 types of income

Answer 15

Earned or Active Income

Investment Income

Passive Income

Inherited Income

Question 16

Lorenz Curve

Answer 16

A graphical representation of the distribution of income or wealth within a population.

Question 17

GDP

Answer 17

The monetary value of final goods and services, that is those that are bought by the final year.

Question 18

Target GDP growth rate

Answer 18

2 - 3% steadily at 2.25%

Question 19

An unemployed person

Answer 19

A person who is actively searching for employment is unable to find work. Unemployment is considered to be a key measure of the health of the economy.

Question 20

Target Unemployment Rate

Answer 20

4.5%

Question 21

Inflation

Answer 21

The rate of increase in prices over a given period of time

Question 22

Target Inflation Rate

Answer 22

Between 2 - 3%

Question 23

Standard Of Living

Answer 23

The level of income, comforts and services available, are generally applied to society or location, rather than to an individual.

Question 24

Difference Between Material and Non-Material Standards of Living

Answer 24

Material Standards of living refer to our access to physical goods and services.
Non-Material standards of living are factors that affect a person’s quality of life, irresponsible of income.

Question 25

Measure used for Standard Of Living

Answer 25

The standard of living is measured by things that are easily quantified. Such as income, employment cost of goods and services, and poverty. GDP is a generally accepted measure of the standard of living.

Question 26

Economic Growth positive effects on Standard of Living

Answer 26

When economic growth rises, households have a higher level of purchasing power, which allows them to purchase more goods and services.

Question 27

Economic Growth negative effects on standards of living

Answer 27

Higher output of economic growth can also lead to increased pollution and congestion which reduces living standards.