VCE Economics - Unit 1 AOS 1 Terminology - Statistics

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The average score is 10 of 26

Answer Stats

Definition	Term	% Correct
The study of the overall economy	Macroeconomics	71%
The study of individual economic units	Microeconomics	71%
The value of the next best alternative that is foregone whenever a choice is made	Opportunity Cost	71%
A tax on imports	Tariff	71%
Human-made resources used to produce goods and services	Capital Resources	57%
An economic system where the government owns the resources but the market drives choices around resource allocation	Market Socialism	57%
Resources made by nature	Natural Resources	57%
The act of giving something up in order to gain something else	Trade Offs	57%
The optimal distribution of goods in an economy that meets the needs and wants of society	Allocative Efficiency	43%
Human effort used to produce goods and services	Labour Resources	43%
An economic system where the government both owns the resources and makes decisions around resource allocation	Planned Socialism	43%
Transitioning a publicly offered good or service to the private sector	Privatisation	43%
The concept that resources are limited compared to human needs and wants	Relative Scarcity	43%
How quickly resources can be reallocated when needs and wants shift	Dynamic Efficiency	29%
Individuals and organisations who make decisions in the market	Economic Agents	29%
When a third party is affected by a transaction between two or more parties	Externality	29%
An economic system where resources are allocated based on the forces of supply and demand and are privately owned	Market Capitalism	29%
An individual's or nation's access to goods and services	Material Living Standards	29%
Refers to quality of life factors	Non-Material Living Standards	29%
Involves value judgements about what 'should be' in the economy	Normative Economics	29%
Deals with objective and positive statements about economic phenomena ('what is')	Positive Economics	29%
Maximising output while minimising input resources	Productive Efficiency	29%
Something that induces an economic agent, whether a consumer or producer to act	Incentive	14%
There is an appropriate allocation of resources between current and future consumption	Intertemporal Efficiency	14%
An economic system where resources are privately owned and decisions about resource allocation are made by the government	Planned Capitalism	14%
How much output can be produced with a given set of inputs	Productivity	14%

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