Fast 5: 1.1Our means are l?Our wants are u.?List the three means that we all haveWhenever a choice is made there will always be an _______ ________The basic economic problem?LimitedUnlimitedTime skills incomeOpportunity costScarcityIve got a really positive attitude thanks to my positive attitude!

Fast 5: 1.1Core beliefs that we consider importantJamie 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 wantsMan made goods used in the production of other goodsGoods produced for the use of individuals or householdsValuesEither the icecream or chocolate bar NOT bothEconomicCapital Consumer

Fast 5: 1.1The 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 ________ChoiceServiceGoodsWants valuesThese ones have made me think a bit! But my positive attitude should see me through

Todays super ECONOMICS student is ..Fast 5: 1.1Our 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?Increases(not) savingTax TransfersNecessities LuxuriesTaxes and saving

Todays super ECONOMICS student is ..Fast 5: 1.1DemandA 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 q4Change in pricePrice increaseIncreaseDecreaseSubstitutes

Todays super ECONOMICS student is ..Fast 5: 1.1The amount that we spend on necessities increases as our incomes increase. T/FThe proportion of our income spent on necessities decreases as our income increases T/FAs our incomes decrease the % spent on inferior goods increases T/FDisposable income is income after tax (and transfers) T/FNormal goods can be necessities or luxuries T/FTrueTrue TrueTrue True

Fast 5: 1.1Coffee and tea are what in economics?The total of everyones demand at each price is called the m______ demand3.A table that is drawn to show the quantity demanded of goods and services at each priceProducts that are used togetherAs the price of a good or service increases the demand increases (correct this statement)Substitutes Market DemandDemand schedule ComplementsAs the price of a good or service increases the quantity demanded decreasesTodays super ECONOMICS student is ..

Fast 5: DemandA latin term meaning all other things remain the sameAs 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 serviceA place or situation where buyers and sellers meet to exchange goods and servicesThe basic Economic problem?Ceteris Paribus Law of demandWilling able MarketScarcity

Fast 5: DemandA latin term meaning all other things remain the sameAs 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 serviceA table showing the relationship between the price of a product and the quantity purchasedA curve showing the relationship between the price of a product and the quantity purchasedCeteris Paribus Law of demandWilling able Demand scheduleDemand curve

Fast 5: 1.1Goods that are plentiful are not scarce and have no costWind sunshine are examples of what type of goods?Goods that are scarce and have a costAnother name for producer goodsMan made goods used in the production of other goods and servicesFREE FREE ECONOMIC Capital Producer/CapitalI`m getting the hang of these thanks to my positive attitude!

Fast 5: 1.1Goods that we buy more of as our incomes increaseGoods that we buy less of as our incomes increaseIncome not spent The amount spent on necessary goods _______ as our income increasesThe proportion of income spent on necessary goods ________ as income increases.Normal (necessary and luxury goods)Inferior Saving IncreasesDecreasesI`m getting the hang of these thanks to my positive attitude!

Fast 5: 1.1Lola 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 survivalThe next best alternative forgone when a decision is madeWhat someone does for youONE of the other options limitedNeedOpportunity CostServiceYeah I am todays SUPER ECONOMIST!

Fast 5: 1.1Goods that we spend less on as our incomes increaseExample of #1Normal goods can be broken into two types.A person or group of individuals living under one roofA greater proportion of our incomes are spent on these as income increases?Inferior Budget minceNecessities, luxuriesHouseholdLuxuriesI`m getting the hang of these thanks to my positive attitude!

Fast 5: 1.1DemandA 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 fallsState the law of demand (full version!)Price changePrice decreasePrice DecreaseThey 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.

Todays super ECONOMICS student is ..Fast 5: 1.1Goods that we demand less of as our incomes increaseThat part of income that is not spentThe proportion of our income spent on these increases as our income increasesWhat is the opportunity cost of spending?Budget fatty mince is an example of what type of good in Economics?Inferior Savings LuxuriesSaving Inferior

Todays super ECONOMICS student is ..Fast 5: 1.1Demand 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?Increase in demandPrice has risenIncrease Downward sloping to the right (negatively sloped)Decrease in demand

Todays super ECONOMICS student is ..Fast 5: 1.1Demand 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?Increase in demandPrice has fallenQuantity Downward sloping to the right (negatively sloped)Increase in demand

Todays super ECONOMICS student is ..Fast 5: TripCost of large turbines at Tararua Windfarm? (each)Main goal of SwaziHourly wage bill at Swazi in NZHourly wage bill at Swazi if in ChinaFounder of Tui breweries$5mQuality goods (not profit maximisation) $900$40Henry Wagstaff

Todays super ECONOMICS student is ..Fast 5: 1.1Law of demandA table showing the relationship between the price of a product and the quantity demandedDemand 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?As the price of a good or service falls the quantity demanded increases ceteris paribus vice versaDemand schedule Willing able Substitutes Complements

Todays SUPER ECONOMIST IS .Fast 5: 1.1Law of demandWhat 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?As the price of a good or service falls the quantity demanded increases ceteris paribus Price Quantity Substitutes Complements

Fast 5: 1.1As 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 purchasedA curve showing the relationship between the price of a product and the quantity purchasedFalse False True Demand scheduleDemand curveTodays super ECONOMICS student is ..

Fast 5: 1.1Price of MWF decreasesPrice of fish tanks increases3.Owning MWF becomes really fashionable and trendyPrice of gold fish doublesPrice of MWF increasesIncrease QD along curve (down) Decrease D, of curve (left)Increase D, of curve (right)Increase D, of curve (right)Decrease in QD, along (up)Todays super ECONOMICS student is ..Consider the demand for Mexican Walking Fish: (MWF)Choose from: increase/decrease in demand increase/decrease in quantity demandedAlso movement of the curve(left/right)/movement along the curve (up/down)

Fast 5: 1.1As income decreases the proportion of our income spent on _______ decreasesAs our income increases the proportion of our income spent on ________ decreasesAs our income increases the total amount spent on necessities increases at a decreasing rate T/FOne person living alone is called a household T/F

Income after taxes and transfer payments is called?LuxuriesInferior goodsTrue TDisposableTodays super ECONOMICS student is ..

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