Year 11 Economics

Economic wants are limited at any point in time

• True

• False

All people are consumers

• True

• False

Enterprise is another name for labour

• True

• False

The main economic decisions to be made by an economy could be listed as 'what and how many', 'how' and 'for whom'.

• True

• False

'Opportunity cost' refers to the monetary price that a consumer must pay for a good or service.

• True

• False

Wants are unlimited but never change

• True

• False

Council libraries are a collective want.

• True

• False

Australia would be considered a modified market economy

• True

• False

Capital goods are used to satisfy wants.

• True

• False

The four factors of production are land, labour, water and enterprise.

• True

• False