Podcast
Questions and Answers
Which of the following best describes the fundamental economic problem?
Which of the following best describes the fundamental economic problem?
- Human wants are unlimited, but resources are limited. (correct)
- Countries always face trade deficits.
- Governments struggle to balance budgets.
- Businesses aim to maximise profits.
Scarcity only affects poor countries; wealthy countries have overcome the problem of scarcity.
Scarcity only affects poor countries; wealthy countries have overcome the problem of scarcity.
False (B)
Explain the concept of opportunity cost using an example from a student's life.
Explain the concept of opportunity cost using an example from a student's life.
Opportunity cost is the value of the next best alternative forgone when making a decision. For example, if a student chooses to spend three hours studying for an economics exam, the opportunity cost might be the three hours they could have spent working at a part-time job or studying for a different subject.
A graphical representation showing the maximum combinations of goods and services that can be produced with given resources and technology is called a Production Possibility [Blank].
A graphical representation showing the maximum combinations of goods and services that can be produced with given resources and technology is called a Production Possibility [Blank].
Match the sector with its primary role in the circular flow of income:
Match the sector with its primary role in the circular flow of income:
Which action by the government is most likely to increase economic activity during a recession?
Which action by the government is most likely to increase economic activity during a recession?
Equilibrium in a market occurs when quantity demanded is greater than quantity supplied.
Equilibrium in a market occurs when quantity demanded is greater than quantity supplied.
Briefly describe two phases of the economic cycle and a characteristic of each.
Briefly describe two phases of the economic cycle and a characteristic of each.
The total value of all final goods and services produced within a country's borders in a specific time period is known as [Blank] [Blank] Product.
The total value of all final goods and services produced within a country's borders in a specific time period is known as [Blank] [Blank] Product.
An increase in consumer income, holding all other factors constant, will most likely cause:
An increase in consumer income, holding all other factors constant, will most likely cause:
Flashcards
Economic problem
Economic problem
The fundamental issue of limited resources versus unlimited wants.
Scarcity
Scarcity
The limited availability of resources to meet unlimited wants and needs.
Opportunity cost
Opportunity cost
The value of the next best alternative that is forgone when making a decision.
Production possibility schedule
Production possibility schedule
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Production possibility frontier
Production possibility frontier
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Circular flow of income
Circular flow of income
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Equilibrium and disequilibrium
Equilibrium and disequilibrium
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Economic cycle
Economic cycle
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Gross domestic product
Gross domestic product
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Demand and Supply (Price Mechanism)
Demand and Supply (Price Mechanism)
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Study Notes
- This task assesses understanding and application of consumer, financial, economic, business, legal, political, and employment concepts.
- It also looks at the analysis of individual rights and responsibilities, key decision-making factors, problem-solving, and goal-oriented planning.
- Research, information assessment, and effective communication skills are evaluated.
- Independent and collaborative work abilities within time constraints are also assessed.
- The task is an exam completed in class within 45 minutes.
- Any adjustments needed (scribe, extra time) must be requested from the ESS Department at least one week prior.
Content to be Assessed
- Economic problem
- Scarcity
- Opportunity costs
- Production possibility schedule
- Production possibility frontier
- Circular flow of income
- Role of government
- Role of the financial sector
- Role of the international sector
- Equilibrium and disequilibrium
- Economic cycle
- Gross Domestic Product (GDP)
- Effects of changes
- Demand and supply
- Price mechanism
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