VCE Economics - Unit 1 AOS 1 Quiz

VCE is the Victorian Certificate of Education

Based on the 2025 study design

*not counting entrepreneurship as a resource

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Last updated: March 6, 2025

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Hint	Answer
What are the four types of efficiency?	Productive
	Allocative
	Dynamic
	Intertemporal
What does the tradition economic model believe consumers make decisions based on?	Self-Interest
	Utility Maximisation
	Rationality
	Informed Decision Making
	Marginal Benefits of Consumption
What are the sectors in a five-sector flow model?	Business
	Household
	Government
	Financial
	Overseas
What are the three types of resources?*	Labour
	Natural
	Capital
What are the three basic economic questions?	What and how much to produce?
	How to produce?
	For whom to produce?