Fast 5: 1.1
1.
2.
3.
4.
5.
Our means are l……?
Our wants are u…….?
List the three means that we
all have
Whenever a choice is made
there will always be an
_______ ________
The basic economic
problem?
1.
2.
3.
4.
5.
I’ve got a really positive attitude
thanks to my positive attitude!
Limited
Unlimited
Time skills income
Opportunity cost
Scarcity
Fast 5: 1.1
1.
2.
3.
4.
5.
Core beliefs that we
consider important
Jamie can choose an
icecream, chocolate bar or
magazine he picks the
magazine – what is his
opportunity cost?
Goods that are scarce and
cant satisfy all wants
Man made goods used in
the production of other
goods
Goods produced for the use
of individuals or
households
1.
2.
3.
4.
Values
Either the icecream or
chocolate bar NOT both
Economic
Capital
5.
Consumer
Fast 5: 1.1
1.
2.
3.
4.
5.
The economic term that
relates to a decision
between alternatives.
In Economics a ski lesson
is an example of what?
Objects with a physical
presence are called what?
Things individuals would
like to have but are not
necessary for survival?
Consideration for others,
honesty and integrity are
examples of our ________
1.
2.
3.
4.
Choice
Service
Goods
Wants
5.
values
These ones have made me think a
bit! But my positive attitude should
see me through
Fast 5: 1.1
1.
2.
3.
4.
5.
Our ability to save
increases/decreases as our
income increases?
The opportunity cost os
spending is what?
Disposable income is
income after T_____ and
T_______
Normal goods can either be
N_________ or L_________
Why is the level of
consumption (spending on
G + S) less than income?
1.
2.
3.
4.
5.
Increases
(not) saving
Tax Transfers
Necessities Luxuries
Taxes and saving
Todays’ super ECONOMICS
student is ………..
Fast 5: 1.1Demand
1.
2.
3.
4.
5.
A movement along the
demand curve is caused by
what?
A decrease in the quantity
demanded of a good or
service is caused by what?
An increase in the price of
Coke will cause what to
happen to the demand for
Pepsi ?
A decrease in the price of
chicken will have what
effect on the demand for
pork?
State the economic
relationship between the
goods in q4
1.
2.
3.
4.
5.
Change in price
Price
increase
Increase
Decrease
Substitutes
Todays super ECONOMICS
student is ………..
Fast 5: 1.1
1.
2.
3.
4.
5.
The amount that we spend
on necessities increases as
our incomes increase. T/F
The proportion of our
income spent on
necessities decreases as
our income increases T/F
As our incomes decrease
the % spent on inferior
goods increases T/F
Disposable income is
income after tax (and
transfers) T/F
Normal goods can be
necessities or luxuries T/F
1.
2.
True
True
3.
4.
True
True
5.
True
Todays’ super ECONOMICS
student is ………..
Fast 5: 1.1
1.
2.
3.
4.
5.
Coffee and tea are what in
economics?
The total of everyones
demand at each price is
called the m______ demand
A table that is drawn to
show the quantity
demanded of goods and
services at each price
Products that are used
together
As the price of a good or
service increases the
demand increases (correct
this statement)
1.
Substitutes
2.
3.
Market Demand
Demand schedule
4.
5.
Complements
As the price of a good or
service increases the
quantity demanded
decreases
Todays super ECONOMICS
student is ………..
Fast 5: Demand
1.
2.
3.
4.
5.
A latin term meaning all
other things remain the
same
As the price of a good or
service increases quantity
demanded decreases
ceteris paribus vice versa. –
what law?
Demand is when consumers
are ________ and ______ to
buy a good or service
A place or situation where
buyers and sellers meet to
exchange goods and
services
The basic Economic
problem?
1.
Ceteris Paribus
2.
3.
Law of demand
Willing able
4.
5.
Market
Scarcity
Fast 5: Demand
1.
2.
3.
4.
5.
A latin term meaning all
other things remain the
same
As the price of a good or
service increases quantity
demanded decreases
ceteris paribus vice versa. –
what law?
Demand is when consumers
are ________ and ______ to
buy a good or service
A table showing the
relationship between the
price of a product and the
quantity purchased
A curve showing the
relationship between the
price of a product and the
quantity purchased
1.
Ceteris Paribus
2.
3.
Law of demand
Willing able
4.
5.
Demand schedule
Demand curve
Fast 5: 1.1
1.
2.
3.
4.
5.
Goods that are plentiful are
not scarce and have no cost
Wind sunshine are
examples of what type of
goods?
Goods that are scarce and
have a cost
Another name for producer
goods
Man made goods used in
the production of other
goods and services
1.
2.
FREE
FREE
3.
ECONOMIC
4.
Capital
5.
Producer/Capital
I`m getting the hang of these
thanks to my positive attitude!
Fast 5: 1.1
1.
2.
3.
4.
5.
Goods that we buy more of
as our incomes increase
Goods that we buy less of
as our incomes increase
Income not spent
The amount spent on
necessary goods _______
as our income increases
The proportion of income
spent on necessary goods
________ as income
increases.
1.
2.
Normal (necessary and
luxury goods)
Inferior
3.
Saving
4.
5.
Increases
Decreases
I`m getting the hang of these
thanks to my positive attitude!
Fast 5: 1.1
1.
2.
3.
4.
5.
Lola has three choices
movies, DVD, friends – she
chooses friends – what is
the opportunity cost of that
decision?
Our means are…….?
Something that is essential
for survival
The next best alternative
forgone when a decision is
made
What someone does for you
1.
2.
3.
4.
5.
Yeah I am today’s SUPER
ECONOMIST!
ONE of the other options
limited
Need
Opportunity Cost
Service
Fast 5: 1.1
1.
2.
3.
4.
5.
Goods that we spend less
on as our incomes increase
Example of #1
Normal goods can be
broken into two types….
A person or group of
individuals living under one
roof
A greater proportion of our
incomes are spent on these
as income increases?
1.
2.
3.
4.
5.
Inferior
Budget mince
Necessities, luxuries
Household
Luxuries
I`m getting the hang of these
thanks to my positive attitude!
Fast 5: 1.1Demand
1.
2.
3.
4.
5.
A movement along a
demand curve is caused by
what?
An increase in quantity
demanded is caused by
what?
What will cause a
movement down a demand
curve?
Clearly state why people
will buy more of a good or
service when the price of it
falls
State the law of demand
(full version!)
1.
2.
3.
4.
5.
Price change
Price
decrease
Price Decrease
They are more willing and
able (to buy the g + s)
As the price of a good or
service increases the
quantity demanded
decreases vice versa
ceteris paribus.
Fast 5: 1.1
1.
2.
3.
4.
5.
Goods that we demand less
of as our incomes increase
That part of income that is
not spent
The proportion of our
income spent on these
increases as our income
increases
What is the opportunity cost
of spending?
Budget fatty mince is an
example of what type of
good in Economics?
1.
2.
Inferior
Savings
3.
4.
Luxuries
Saving
5.
Inferior
Todays’ super ECONOMICS
student is ………..
Fast 5: 1.1
1.
2.
3.
4.
5.
Demand curve shifts right –
what is that called?
Move up the demand curve
caused by what?
What will happen to the
demand for margarine if the
price butter increases.
Describe the shape/slope of
a demand curve?
If the price of A increases
how will demand for B be
affected if they are
compliments?
1.
2.
3.
4.
5.
Increase in demand
Price
has risen
Increase
Downward sloping to the
right (negatively sloped)
Decrease in demand
Todays super ECONOMICS
student is ………..
Fast 5: 1.1
1.
2.
3.
4.
5.
Demand curve shifts right –
what has happened?
Move down the demand
curve caused by what?
What is measured on the
horizontal axis of a demand
graph?
Describe the shape/slope of
a demand curve?
If the price of A increases
how will demand for B be
affected?
1.
2.
3.
4.
5.
Increase in demand
Price
has fallen
Quantity
Downward sloping to the
right (negatively sloped)
Increase in demand
Todays super ECONOMICS
student is ………..
Fast 5: Trip
1.
2.
3.
4.
5.
Cost of large turbines at
Tararua Windfarm? (each)
Main goal of Swazi
Hourly wage bill at Swazi –
in NZ
Hourly wage bill at Swazi if
in China
Founder of Tui breweries
1.
2.
$5m
Quality goods (not profit
maximisation)
3.
4.
5.
$900
$40
Henry Wagstaff
Todays super ECONOMICS
student is ………..
Fast 5: 1.1
1.
2.
3.
4.
5.
Law of demand
A table showing the
relationship between the
price of a product and the
quantity demanded
Demand is when you are
_ _ _ _ _ _ _ and _ _ _ _ to
purchase goods and
services.
Margarine and butter are
called what in Economics?
Hot dogs and sauce are
called what in Economics?
1.
2.
As the price of a good or
service falls the quantity
demanded increases ceteris
paribus vice versa
Demand schedule
3.
Willing able
4.
Substitutes
5.
Complements
Todays super ECONOMICS
student is ………..
Fast 5: 1.1
1.
2.
3.
4.
5.
Law of demand
What is measured on the
vertical axis of a demand
graph?
What is measured on the
horizontal axis of a demand
graph?
Margarine and butter are
called what in Economics?
Hot dogs and sauce are
called what in Economics?
1.
As the price of a good or
service falls the quantity
demanded increases ceteris
paribus
Todays SUPER
2.
Price
ECONOMIST IS ……….
3.
Quantity
4.
Substitutes
5.
Complements
Fast 5: 1.1
1.
2.
3.
4.
5.
As the price of a good or
service falls demand
decreases ceteris paribus
T/F?
As the price of a good or
service falls demand
increases ceteris paribus
T/F?
As the price of a good or
service falls quantity
demanded increases ceteris
paribus T/F
A table showing the
relationship between the
price of a product and the
quantity purchased
A curve showing the
relationship between the
price of a product and the
quantity purchased
1.
False
2.
False
3.
True
4.
5.
Demand schedule
Demand curve
Todays super ECONOMICS
student is ………..
Consider the demand
for Mexican Walking
Fish: (MWF)
1.
2.
3.
4.
5.
Fast 5: 1.1
Price of MWF decreases
Price of fish tanks increases
Owning MWF becomes
really fashionable and
trendy
Price of gold fish doubles
Price of MWF increases
1.
Increase QD along curve
(down)
2.
Decrease D, of curve
(left)
Increase D, of curve
(right)
Increase D, of curve
(right)
Decrease in QD, along
(up)
3.
4.
5.
Also movement of the
curve(left/right)/movem
ent along the curve
(up/down)
Choose from:
increase/decrease in
demand
increase/decrease in
quantity demanded
Todays super ECONOMICS
student is ………..
Fast 5: 1.1
1.
2.
3.
4.

As income decreases the
proportion of our income
spent on _______ decreases
As our income increases
the proportion of our
income spent on ________
decreases
As our income increases
the total amount spent on
necessities increases at a
decreasing rate T/F
One person living alone is
called a household T/F
1.
2.
3.
Luxuries
Inferior goods
True
4.
5.
T
Disposable
Income after taxes and
transfer payments is called?
Todays super ECONOMICS
student is ………..