Fast 5: Our means are l……? 2.Our wants are u…….? 3.List the three means that we all have 4.Whenever a choice is made there will always be an _______ ________ 5.The basic economic problem? 1.Limited 2.Unlimited 3.Time skills income 4.Opportunity cost 5.Scarcity I’ve got a really positive attitude thanks to my positive attitude!

Fast 5: Core beliefs that we consider important 2.Jamie can choose an icecream, chocolate bar or magazine he picks the magazine – what is his opportunity cost? 3.Goods that are scarce and cant satisfy all wants 4.Man made goods used in the production of other goods 5.Goods produced for the use of individuals or households 1.Values 2.Either the icecream or chocolate bar NOT both 3.Economic 4.Capital 5.Consumer

Fast 5: The economic term that relates to a decision between alternatives. 2.In Economics a ski lesson is an example of what? 3.Objects with a physical presence are called what? 4.Things individuals would like to have but are not necessary for survival? 5.Consideration for others, honesty and integrity are examples of our ________ 1.Choice 2.Service 3.Goods 4.Wants 5.values These ones have made me think a bit! But my positive attitude should see me through

Todays’ super ECONOMICS student is ……….. Fast 5: Our ability to save increases/decreases as our income increases? 2.The opportunity cost os spending is what? 3.Disposable income is income after T_____ and T_______ 4.Normal goods can either be N_________ or L_________ 5.Why is the level of consumption (spending on G + S) less than income? 1.Increases 2.(not) saving 3.Tax Transfers 4.Necessities Luxuries 5.Taxes and saving

Todays super ECONOMICS student is ……….. Fast 5: 1.1Demand 1.A movement along the demand curve is caused by what? 2.A decrease in the quantity demanded of a good or service is caused by what? 3.An increase in the price of Coke will cause what to happen to the demand for Pepsi ? 4.A decrease in the price of chicken will have what effect on the demand for pork? 5.State the economic relationship between the goods in q4 1.Change in price 2.Price increase 3.Increase 4.Decrease 5.Substitutes

Todays’ super ECONOMICS student is ……….. Fast 5: The amount that we spend on necessities increases as our incomes increase. T/F 2.The proportion of our income spent on necessities decreases as our income increases T/F 3.As our incomes decrease the % spent on inferior goods increases T/F 4.Disposable income is income after tax (and transfers) T/F 5.Normal goods can be necessities or luxuries T/F 1.True 2.True 3.True 4.True 5.True

Fast 5: Coffee and tea are what in economics? 2.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 4.Products that are used together 5.As the price of a good or service increases the demand increases (correct this statement) 1.Substitutes 2.Market Demand 3.Demand schedule 4.Complements 5.As the price of a good or service increases the quantity demanded decreases Todays super ECONOMICS student is ………..

Fast 5: Demand 1.A latin term meaning all other things remain the same 2.As the price of a good or service increases quantity demanded decreases ceteris paribus vice versa. – what law? 3.Demand is when consumers are ________ and ______ to buy a good or service 4.A place or situation where buyers and sellers meet to exchange goods and services 5.The basic Economic problem? 1.Ceteris Paribus 2.Law of demand 3.Willing able 4.Market 5.Scarcity

Fast 5: Demand 1.A latin term meaning all other things remain the same 2.As the price of a good or service increases quantity demanded decreases ceteris paribus vice versa. – what law? 3.Demand is when consumers are ________ and ______ to buy a good or service 4.A table showing the relationship between the price of a product and the quantity purchased 5.A curve showing the relationship between the price of a product and the quantity purchased 1.Ceteris Paribus 2.Law of demand 3.Willing able 4.Demand schedule 5.Demand curve

Fast 5: Goods that are plentiful are not scarce and have no cost 2.Wind sunshine are examples of what type of goods? 3.Goods that are scarce and have a cost 4.Another name for producer goods 5.Man made goods used in the production of other goods and services 1.FREE 2.FREE 3.ECONOMIC 4.Capital 5.Producer/Capital I`m getting the hang of these thanks to my positive attitude!

Fast 5: Goods that we buy more of as our incomes increase 2.Goods that we buy less of as our incomes increase 3.Income not spent 4.The amount spent on necessary goods _______ as our income increases 5.The proportion of income spent on necessary goods ________ as income increases. 1.Normal (necessary and luxury goods) 2.Inferior 3.Saving 4.Increases 5.Decreases I`m getting the hang of these thanks to my positive attitude!

Fast 5: Lola has three choices movies, DVD, friends – she chooses friends – what is the opportunity cost of that decision? 2.Our means are…….? 3.Something that is essential for survival 4.The next best alternative forgone when a decision is made 5.What someone does for you 1.ONE of the other options 2.limited 3.Need 4.Opportunity Cost 5.Service Yeah I am today’s SUPER ECONOMIST!

Fast 5: Goods that we spend less on as our incomes increase 2.Example of #1 3.Normal goods can be broken into two types…. 4.A person or group of individuals living under one roof 5.A greater proportion of our incomes are spent on these as income increases? 1.Inferior 2.Budget mince 3.Necessities, luxuries 4.Household 5.Luxuries I`m getting the hang of these thanks to my positive attitude!

Fast 5: 1.1Demand 1.A movement along a demand curve is caused by what? 2.An increase in quantity demanded is caused by what? 3.What will cause a movement down a demand curve? 4.Clearly state why people will buy more of a good or service when the price of it falls 5.State the law of demand (full version!) 1.Price change 2.Price decrease 3.Price Decrease 4.They are more willing and able (to buy the g + s) 5.As the price of a good or service increases the quantity demanded decreases vice versa ceteris paribus.

Todays’ super ECONOMICS student is ……….. Fast 5: Goods that we demand less of as our incomes increase 2.That part of income that is not spent 3.The proportion of our income spent on these increases as our income increases 4.What is the opportunity cost of spending? 5.Budget fatty mince is an example of what type of good in Economics? 1.Inferior 2.Savings 3.Luxuries 4.Saving 5.Inferior

Todays super ECONOMICS student is ……….. Fast 5: Demand curve shifts right – what is that called? 2.Move up the demand curve caused by what? 3.What will happen to the demand for margarine if the price butter increases. 4.Describe the shape/slope of a demand curve? 5.If the price of A increases how will demand for B be affected if they are compliments? 1.Increase in demand 2.Price has risen 3.Increase 4.Downward sloping to the right (negatively sloped) 5.Decrease in demand

Todays super ECONOMICS student is ……….. Fast 5: Demand curve shifts right – what has happened? 2.Move down the demand curve caused by what? 3.What is measured on the horizontal axis of a demand graph? 4.Describe the shape/slope of a demand curve? 5.If the price of A increases how will demand for B be affected? 1.Increase in demand 2.Price has fallen 3.Quantity 4.Downward sloping to the right (negatively sloped) 5.Increase in demand

Todays super ECONOMICS student is ……….. Fast 5: Trip 1.Cost of large turbines at Tararua Windfarm? (each) 2.Main goal of Swazi 3.Hourly wage bill at Swazi – in NZ 4.Hourly wage bill at Swazi if in China 5.Founder of Tui breweries 1.$5m 2.Quality goods (not profit maximisation) 3.$900 4.$40 5.Henry Wagstaff

Todays super ECONOMICS student is ……….. Fast 5: Law of demand 2.A table showing the relationship between the price of a product and the quantity demanded 3.Demand is when you are _ _ _ _ _ _ _ and _ _ _ _ to purchase goods and services. 4.Margarine and butter are called what in Economics? 5.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 vice versa 2.Demand schedule 3.Willing able 4.Substitutes 5.Complements

Todays SUPER ECONOMIST IS ………. Fast 5: Law of demand 2.What is measured on the vertical axis of a demand graph? 3.What is measured on the horizontal axis of a demand graph? 4.Margarine and butter are called what in Economics? 5.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 2.Price 3.Quantity 4.Substitutes 5.Complements

Fast 5: As the price of a good or service falls demand decreases ceteris paribus T/F? 2.As the price of a good or service falls demand increases ceteris paribus T/F? 3.As the price of a good or service falls quantity demanded increases ceteris paribus T/F 4.A table showing the relationship between the price of a product and the quantity purchased 5.A curve showing the relationship between the price of a product and the quantity purchased 1.False 2.False 3.True 4.Demand schedule 5.Demand curve Todays super ECONOMICS student is ………..

Fast 5: Price of MWF decreases 2.Price of fish tanks increases 3.Owning MWF becomes really fashionable and trendy 4.Price of gold fish doubles 5.Price of MWF increases 1.Increase QD along curve (down) 2.Decrease D, of curve (left) 3.Increase D, of curve (right) 4.Increase D, of curve (right) 5.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 demanded Also movement of the curve(left/right)/movem ent along the curve (up/down)

Fast 5: As income decreases the proportion of our income spent on _______ decreases 2.As our income increases the proportion of our income spent on ________ decreases 3.As our income increases the total amount spent on necessities increases at a decreasing rate T/F 4.One person living alone is called a household T/F Income after taxes and transfer payments is called? 1.Luxuries 2.Inferior goods 3.True 4.T 5.Disposable Todays super ECONOMICS student is ………..