Todays’ super ECONOMICS Fast 5: 1.1 Increases (not) saving Tax Transfers Necessities Luxuries Taxes and saving 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? Todays’ super ECONOMICS student is ………..

Todays’ super ECONOMICS Fast 5: 1.1 True (not) spending Capital Household There is always an opportunity cost when a decision is made T/F The opportunity cost of saving is Man made goods used in the production of other goods and services Upbringing and religion can influence peoples values T/F Consumers who live together make up a DHOLUSOHE Todays’ super ECONOMICS student is ………..

Todays’ super ECONOMICS Fast 5: 1.1 True 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 Todays’ super ECONOMICS student is ………..

Todays super ECONOMICS Fast 5: 1.1 Coffee and tea are what in economics? The total of everyones demand at each price is called the m______ demand 3. 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) Substitutes Market Demand Demand schedule Complements As the price of a good or service increases the quantity demanded decreases Todays super ECONOMICS student is ………..

Fast 5: Demand Ceteris Paribus Law of demand Willing able Market 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? Ceteris Paribus Law of demand Willing able Market Scarcity

Fast 5: Demand Ceteris Paribus Law of demand Willing able 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 Ceteris Paribus Law of demand Willing able Demand schedule Demand curve

Fast 5: 1.1 FREE ECONOMIC Capital Producer/Capital 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 I`m getting the hang of these thanks to my positive attitude!

Fast 5: 1.1 Normal Goods that we buy more of as our incomes increase Inferior Saving Disposable Consumption Goods that we buy more of as our incomes increase Goods that we buy less of as our incomes increase Income not spent Income after tax The purchase of goods and services by households is called c____________ I`m getting the hang of these thanks to my positive attitude!

Fast 5: 1.1 ONE of the other options limited Need Opportunity Cost Service 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 Yeah I am today’s SUPER ECONOMIST!

Fast 5: 1.1 Inferior Budget mince Necessities, luxuries Household Luxuries 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? I`m getting the hang of these thanks to my positive attitude!

Fast 5: 1.1Demand 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. 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!)

Fast 5: 1.1Demand 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. 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!)

Todays’ super ECONOMICS Fast 5: 1.1 Inferior Savings Luxuries Saving 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? Todays’ super ECONOMICS student is ………..

Todays’ super ECONOMICS Fast 5: 1.1 Capital Consumer Service Saving Economic A car used by a taxi firm – what type of good? A car used for private purposes – what type of good? Something that is done for you? What is the opportunity cost of spending? Goods that are scarce in relation to our wants Todays’ super ECONOMICS student is ………..

Todays super ECONOMICS Fast 5: 1.1Demand Change in price Price increase Increase Decrease Substitutes 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 Todays super ECONOMICS student is ………..

Todays super ECONOMICS Fast 5: 1.1 Increase in demand Price has fallen Quantity Downward sloping to the right (negatively sloped) 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? Todays super ECONOMICS student is ………..

Todays super ECONOMICS Fast 5: 1.1 Increase in demand Price has fallen Quantity Downward sloping to the right (negatively sloped) 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? Todays super ECONOMICS student is ………..

Todays super ECONOMICS Fast 5: Trip $5m Quality goods (not profit maximisation) $900 $40 Henry Wagstaff 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 Todays super ECONOMICS student is ………..

Todays super ECONOMICS Fast 5: 1.1 As the price of a good or service falls the quantity demanded increases ceteris paribus vice versa Demand schedule Willing able Substitutes Complements 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? Todays super ECONOMICS student is ………..

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

Fast 5: 1.1 Choice Service Goods Wants values 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 ________ These ones have made me think a bit! But my positive attitude should see me through

Fast 5: 1.1 Limited Our means are l……? Unlimited Our wants are u…….? Time skills income Opportunity cost Scarcity 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? I’ve got a really positive attitude thanks to my positive attitude!

Todays super ECONOMICS Fast 5: 1.5 False True Demand schedule Demand curve 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 Todays super ECONOMICS student is ………..

Todays super ECONOMICS Fast 5: 1.1 Choose from: increase/decrease in demand increase/decrease in quantity demanded Consider the demand for Mexican Walking Fish: (MWF) Increase QD along curve (down) Decrease D, of curve (left) Increase D, of curve (right) Decrease in QD, along (up) Price of MWF decreases Price of fish tanks increases 3. Owning MWF becomes really fashionable and trendy Price of gold fish doubles Price of MWF increases Todays super ECONOMICS student is ……….. Also movement of the curve(left/right)/movement along the curve (up/down)

Todays super ECONOMICS Fast 5: 1.1 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 Income after taxes and transfer payments is called? Luxuries Inferior goods True T Disposable Todays super ECONOMICS student is ………..