Year 9 Economics Revision

3.Which of the following answer is incorrect of the three basic economic questions?

• D. for whom to produce for

• A. when to produce

• C how to produce.

• B.what to produce

Define scarcity:

• A. not much of something 

• B. the demand for a good or service is greater than the availability of the good or service.

• C. a situation where the price at which quantities demanded and supplied are equal.

• D. Money is not in anyone's bank account.

What are the 4 sectors, in the 4-sector circular flow of income?

• Financial, Home, Business, Overseas

• Overseas, Money, Business, Economic

• Household, Business, Financial, Government

• Income, Savings, Exports, Taxation

What is the business sector?

• The sector which involves a large number of producers which sell goods and services to households.

• The sector which involves overseas trade

• The sector which manages industrial decisions

• Another name for household sector

Globalisation

• the way in which participants in the economy, such as producers and consumers, rely on each other to produce and

  consume goods and services.

• the process that involves all the countries of the world being linked together, resulting in an exchange of views, ideas, products and culture

• an enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country.

• refers to the many links or activities that are required to move a product or service from a supplier to a consumer.

Transnational Corporation

• the way in which participants in the economy, such as producers and consumers, rely on each other to produce and

  consume goods and services.

• the process that involves all the countries of the world being linked together, resulting in an exchange of views, ideas, products and culture

• an enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country.

• refers to the many links or activities that are required to move a product or service from a supplier to a consumer.

McDonald's is a transnational corporation because it operates facilities and does business in many countries around the world. It does not consider one country its national home.

• False

• True

Natural disasters and political unrest can disrupt global supply chains.

• True

• False

• Somewhat

Which of the following is not an advantage of globalisation?

• Inward investment by TNCs helps countries by providing new jobs and skills for local people.

• TNCs bring wealth and foreign currency to local economies when they buy local resources, products and services

• The sharing of ideas, experiences and lifestyles of people and cultures

• Globalisation operates mostly in the interests of the richest countries, which continue to dominate world trade at the expense of developing countries.

Which of the following is an import to Australia?

• Iron Ore

• Cars from Japan

• Wool

• Coal