natural resources or land, labour, capital, enterprise or entrepreneurial
Oops!
Check
Okay!
Check
15
What are 3 things that determine if someone will spend or save?
Income levels and future expectations, Cultural factors, Economic Confidence and future expectation, Life stage and age distribution, credit OR Govt policies
Oops!
Check
Okay!
Check
15
What is the group applied to the private sector to create a public sector circular flow/ domestic economy
The government sector
Oops!
Check
Okay!
Check
banana
Go to last place!
Oops!
fairy
Take points!
5
10
15
20
25
gift
Win 25 points!
Okay!
thief
Give points!
5
10
15
20
25
20
What is the business cycle
A graphical interpretation of recurring fluctuations in the level of economic activity over time
Oops!
Check
Okay!
Check
25
Apart from receipts for exports, identify what other money flows into Australia would also be regarded as injections.
Financial flows into the economy/ foreign investment
Oops!
Check
Okay!
Check
banana
Go to last place!
Oops!
rocket
Go to first place!
Okay!
rocket
Go to first place!
Okay!
baam
Lose 10 points!
Oops!
15
Based on the circular flow model, explain what the government would do if it believed that economic activity was too high
Increase taxation
Oops!
Check
Okay!
Check
15
MPS + MPC =?
1
Oops!
Check
Okay!
Check
10
Identify what is meant by equilibrium.
Things being equal
Oops!
Check
Okay!
Check
5
leakages or injections: Imports
Leakage
Oops!
Check
Okay!
Check
eraser
Reset score!
Oops!
fairy
Take points!
5
10
15
20
25
rocket
Go to first place!
Okay!
baam
Lose 5 points!
Oops!
25
What is the budget and economic outcome of a country is C=200 I=400 G=300 X=500 S=100 T=200 M=250
Govt Deficit and expansion in the economy
Oops!
Check
Okay!
Check
15
What are the sectors within the private circular flow model
Individuals/households, Firms/businesses and financial institutions
