12 Questions
What do households provide to the economy in the circular flow model?
Labor, land, and capital
What do firms receive in return for hiring labor, buying resources, and paying for them?
Both b and c
What does the government provide to the economy?
Public goods and services
What do financial sectors do in the economy?
Provide loans to households and firms
What is import payment in the overseas sector?
Buying products from other countries
What is export income in the overseas sector?
Selling goods to other countries
Which of the following is NOT one of Australia's top 5 export destinations?
Canada
Which of the following is NOT included in Australia's top 5 export items?
Wheat
Which of the following is an example of a free trade agreement that Australia has with another country?
Australia-Japan Economic Partnership Agreement
What do the abbreviations MNCs and TNCs stand for?
Multinational Corporations and Transnational Corporations
Which of the following is NOT listed as an advantage of TNCs (Multinational Corporations) in the text?
They promote cultural diversity
Investing in shares and stocks is considered a _____ risk investment.
high
Learn about the key participants in the economy - households and firms. Understand what they provide to the economy and what they receive in return. Explore how the circular flow model helps illustrate this economic relationship. (pages 41-42)
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