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Year 8 Business Exam

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QuestionAnswer
What is a traditional economy An economy that is made up of farming, manual labour, working for needs- food water, using the system barter - trading and using simple tools. e.g. indonesia
What is a Developing economy An economy that is made up of farming, using fertiliser to kill insects and to make crops grow, moving to cities for work, working on new farms for better wages, purchasing all groceries- food from the markets
what is a modern economy An economy made up a market system. Businesses provide goods and services, people live in cities not rural areas, highly-specialised workers +businesses, quantity + quality, we decide on sale prices. e.g. New Zealand
What are the effects of increase in interest rates? saving is more attractive and interest payments on credit cards and loans are more expensive, this discourage people from spending and borrowing.
What is the role of the RBA? Is to bank for the gov. , set interest rates for aus. , distribute and make the bank notes and to monitor the economy
Whats the role of the consumers? The consumers buy products' from the producers, save money with the financial sector, pay taxes to the government and import stuff from overseas.
Whats the role of the producers? Get income from the buyers, give goods and services, get loans from the financial sector and get export income from overseas.
advantages of economic growth Higher incomes. Reduced poverty. improved gov. finanaces. Better ed. Increased llive expenses
Disadvantages of economic growth Loss of biodiversity. increase pollution/climate change. Waste of production. Deplemention of natural capital.
Indicators of economic growth Average income. women would be in employment. water access. Better health care
Created by: briagoldman
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