Year 8 HaSS Extension Economics and Business Flashcards

A comprehensive set of practice flashcards covering key terms, economic systems, financial decision-making, and market graphs based on the Year 8 HaSS Economics and Business curriculum.

What is a market?

A mechanism or place where buyers (consumers) and sellers (producers) exchange goods and services.

What is the difference between a consumer and a producer?

A consumer buys goods and services to satisfy needs and wants, while a producer creates or supplies those goods and services for sale.

What is the definition of supply?

The quantity of a good or service that producers are willing and able to provide at various prices.

What is the definition of demand?

The quantity of a good or service that consumers are willing and able to purchase at various prices.

What is a surplus?

A situation that occurs when the quantity supplied is greater than the quantity demanded.

What is a shortage?

A situation that occurs when the quantity demanded is greater than the quantity supplied.

What is market equilibrium?

The point where demand and supply meet, resulting in no surplus or shortage.

What type of economy does Australia have?

Australia has a mixed market economy.

What characterizes a "mixed market economy"?

An economic system that combines market forces (private businesses and consumers) with government involvement and regulation.

What is a sustainability report?

A report published by a business to communicate its environmental, social, and economic performance and impact.

What are the three examples of income a person might receive?

Wages or salary, interest from savings, and dividends from shares.

What is the difference between income and expenses?

Income is the money coming in (earnings), whereas expenses are the money going out to pay for needs and wants.

How do banks help people manage their money?

Banks provide a safe place to store money, offer interest on savings, and provide loans for making large purchases.

What are taxes?

Compulsory payments made by individuals and businesses to the government to fund public services.

What are two ways the Australian Government earns income?

Through collecting taxes and charging for certain government services or investments.

What is government expenditure?

The money spent by the government on collective services like education, healthcare, and infrastructure.

What is the definition of interest?

The cost of borrowing money or the reward for saving money.

What is the purpose of the Australian Consumer Law (ACL)?

To protect consumers and ensure fair trading by preventing unfair business behavior and providing remedies for faulty products.

What is the purpose of the Work Health and Safety Act 2011?

To protect the health, safety, and welfare of all workers and other people at the workplace.

What is the purpose of the Fair Work Act 2009?

To provide a balanced framework for workplace relations and ensure fair treatment for employees.

On a supply and demand graph, what does the vertical axis represent?

The Price ($P$).

On a supply and demand graph, what does the horizontal axis represent?

The Quantity ($Q$).

Which way does the demand curve usually slope?

The demand curve usually slopes downwards.

Which way does the supply curve usually slope?

The supply curve usually slopes upwards.

Based on the provided data table, at what price does equilibrium occur?

Equilibrium occurs at a price of $6$.

Based on the provided data table, what is the equilibrium quantity?

The equilibrium quantity is $30$ units.

At a price of $2$ in the data table, is there a surplus or a shortage?

There is a shortage, because quantity demanded ($50$) is greater than quantity supplied ($10$).

At a price of $10$ in the data table, is there a surplus or a shortage?

There is a surplus, because quantity supplied ($50$) is greater than quantity demanded ($10$).