Economics Yr 9 #2

The model that helps show the flow of money and resources in the economy is...

• Scarcity

• Circular Flow

• Resource

• Household Sector

Consumers are known as the __________ sector?

Businesses are called the....

• Resource Sector

• Household Sector

• Production Sector

• Business Sector

True or False. The production sector pays the household sector for their labor, as an income?

The household sector use ______ to purchase goods and services from the production sector?

• Money

• Resources

• Income

• Dollars

True or False. When consumers purchase goods and/or services from the production sector this is known as household expenditure

True or False. The costs that a business might have are known as production costs?

The money that a household earns for labor is known as.....?

• Income

• Resources

• Goods

• Services