Understanding Markets in the Australian Economy (Lesson 2.3)

What defines a market?

• A physical location where goods are sold

• The act of buying and selling

• A location with many shops

• A place where only services are exchanged

Which of the following is NOT a type of market mentioned in the text?

• Technology markets

• Financial markets

• Retail markets

• Labour markets

What percentage of household spending was online in 2021?

• 20%

• 14.4%

• 7%

• 10%

Which category had the fastest growth in online spending?

• Books

• Takeaway food

• Electronics

• Clothing

What is the minimum wage in Australia as of July 1st, 2021?

• $25.00 per hour

• $20.33 per hour

• $15.00 per hour

• $18.50 per hour

What is the role of online job boards like SEEK?

• To advertise job vacancies

• To offer online courses

• To provide financial advice

• To sell products online

What is the term for the price paid to borrow money?

• Commission

• Interest

• Tax

• Fee

Which function of money allows us to save for future spending?

• Measure of value

• Medium of exchange

• Standard of deferred payments

• Store of value

What is a share in the context of the stock market?

• A loan from a bank

• A government bond

• A unit of ownership in a company

• A type of currency

Where is the Australian Securities Exchange (ASX) based?

• Brisbane

• Melbourne

• Perth

• Sydney