10 Economics Revision Week 4

What is the most correct answer? An economy is...

• The system for deciding how scarce resources are used so that goods and services can be produced and consumed.

• A system where money is exchanged for goods and services

• A way of determining how much money is spent in a country

• The way governments detemrine how much money to spend

A person who provides a good or service

• Consumer

• Supplier

• Producer

• Creator

Which are examples of leakages in the economy? (there can be more than one correct answer)

• Importing goods from overseas

• Government spending

• Household savings

• Exporting Australia's coal

Rebel sport sells a soccer ball to Dan. Dan is a buyer in the (a)   market.

Jess goes online and buys clothers from an online retailer. Is Jess part of the household or business sector?

• Household

• Business

The Lorenz Curve is used to demonstrate

• The difference between the richest and poorest people

• How much each person earns

• The distribution on household incomes across an economy

Today, Australia's internation border reopened, welcoming tourists back into the country. This will be an _________ for our economy.

• Injection

• Leakage