Y9 Economics CFM key words

Consumers are..

• Users of goods and services to satisfy their needs and wants

• Organisations that make goods and services

• Basic units used to make goods and services

Organisations that make goods and services

• Consumers

• Producers

• Banks

Resources are also known as...

• Cells

• Wants

• Factors of production

In a market capitalist society...

• Producers decide what to produce based on consumers wants

• Producers decide how to produce by picking the cheapest method

• Majority of resources are owned by firms/people not the government

• All other answers are correct

Individuals own resources but the government decides the answer to the 3 economic questions in a...

• Planned capitalist economy

• Market socialist economy

• Market capitalist economy

The 3 basic economic questions are...

• What to produce, How to produce, For whom to produce

• What to produce, When to produce, Why to produce

• How to produce, where to produce, why to produce

Interdependence is when...

• A country revolts and frees itself from an evil dictator

• 2 or more things rely/depend on each other

• 2 things do a job together

The circular flow model represents the flow of ___________ and _____________ between sectors.

• Money & people

• Money & resources

• Money and taxes

Jed has decided to start playing Minecraft. Minecraft is considered as a:

• Need and a service

• Want and a service

• Want and a good

In a 2-sector circular flow model, what are the two sectors?

• Goods and services

• Needs and wants

• Firms and Households

• Income and Consumption