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15
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What incentive to banks give people to save?
Interest earned on savings
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15
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What is division of labour?
The separation of a work process into a number of different, smaller jobs
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15
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If there is low demand for a product, business will be forced to _____ prices to attract customers?
reduce/lower
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Why are tickets for a final (e.g. The World Cup) so expensive?
Because supply is limited (low) and demand is high
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What is scarcity?
When the amount of a resource is limited?
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If the demand for a product is _____, business can charge a price to make larger profits
High
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What is opportunity cost?
When you choose between to items to buy, it is the value of the items you didn't buy
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What two innovations have increased globalisation?
Transport and communication
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How does a bank make money?
By charging interest to borrowers
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banana
Go to last place!
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gift
Win 15 points!
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rocket
Go to first place!
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lifesaver
Give 10 points!
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seesaw
Swap points!
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star
Double points!
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gift
Win 20 points!
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lifesaver
Give 25 points!
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15
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If the price of a video game was $40 last year but inflation is 5%, what is the price now?
$48
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boom
Lose 50 points!
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gift
Win 10 points!
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shark
Other team loses 10 points!
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lifesaver
Give 20 points!
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15
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What is supply?
The amount of a product businesses have available to sell
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What is a free enterprise system?
When producers have the right to produce any goods or services they want
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15
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What is an incentive?
Things that encourage you to do something, like buying something
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