Jacaranda Key Concepts In VCE Economics 1 Units 1 & 2

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“c04EconomicActivity_PrintPDF” — 2022/5/28 — 13:00 — page 6 — #6

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4.2 Exercise

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4.2 Quick quiz

4.2 Exercise

(1 mark) (3 marks)

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1. Define the term, economic activity. 2. Examine figure 4.2. List six economic activities represented in the image.

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FIGURE 4.2 Economic activities

3. Distinguish economic activity from non-economic activity. (2 marks) 4. Examine the table below. Briefly outlining your reasons, classify each item as to whether it is an economic activity or a non-economic activity.

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Jacaranda Key Concepts in VCE Economics Units 1 & 2 Twelfth Edition


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8.8 Review

41min
pages 499-518

8.7 The responses by economic agents to improve environmental sustainability

28min
pages 488-498

8.4 The reasons why environmental sustainability is of importance to Australia and globally

3min
pages 472-475

8.3 Measures of the environmental sustainability of economic activity

23min
pages 459-471

8.5 The economic factors influencing the extent of environmental sustainability

16min
pages 476-482

8.6 Different perspectives about the issue of environmental sustainability

8min
pages 483-487

8.2 Definition and general nature of environmental sustainability

2min
pages 456-458

8.1 Overview

2min
pages 454-455

7.8 Review

40min
pages 437-453

7.7 The Australian government’s response to address inequality in the distribution of income and wealth

25min
pages 428-436

7.5 Economic factors affecting income and wealth inequality in Australia

14min
pages 414-422

7.6 Different perspectives about the distribution of income and wealth

10min
pages 423-427

7.4 The reasons why the distribution of income and wealth is an important issue

11min
pages 408-413

7.3 Measures of Australia’s distribution of income and wealth

19min
pages 397-407

7.2 Definition, nature and direction of income and wealth

5min
pages 393-396

7.1 Overview

1min
page 392

6.8 Review

25min
pages 380-391

6.7 Economic responses and government policies involving international trade

33min
pages 364-379

6.6 Different perspectives about the issue of international trade

13min
pages 357-363

6.5 The economic factors influencing international trade

10min
pages 351-356

6.4 The benefits of international trade for Australia and the global economy

7min
pages 346-350

6.3 Measurement of Australia’s international transactions

3min
pages 343-345

6.2 Definition, nature and direction of international trade

2min
pages 340-342

6.1 Overview

3min
pages 338-339

5.8 Review

35min
pages 322-337

5.7 The Australian government’s economic responses to address changes in the labour market

17min
pages 314-321

5.6 Different perspectives about the changing labour market

5min
pages 312-313

5.3 Measures of Australia’s changing labour market

23min
pages 290-301

5.5 The economic factors influencing changes in Australia’s labour market

13min
pages 304-311

5.2 Definition and nature of the labour market

5min
pages 286-289

5.1 Overview

2min
pages 284-285

4.16 Review

40min
pages 267-283

standards

7min
pages 256-259

4.13 The potential costs of economic growth

14min
pages 248-255

4.12 The potential benefits of economic growth

10min
pages 242-247

4.10 Aggregate supply — its meaning, importance and factors affecting its level and economic activity

19min
pages 231-237

4.11 The measurement of economic growth using changes in Gross Domestic Product (GDP

8min
pages 238-241

4.8 BACKGROUND KNOWLEDGE: Overview of factors that may affect Australia’s level of economic activity

2min
pages 221-222

4.9 Aggregate demand — its meaning, importance and factors affecting its level and economic activity

18min
pages 223-230

4.6 Types of economic indicators

7min
pages 215-218

4.5 The business cycle

5min
pages 213-214

4.4 The five-sector circular flow model

11min
pages 206-212

4.3 The meaning of material and non-material living standards

5min
pages 203-205

3.5 Review

30min
pages 180-197

3.4 The effectiveness of strategies used by businesses to influence consumer behaviour

22min
pages 168-179

3.1 Overview

1min
page 148

3.3 The effectiveness of strategies used by government to influence consumer behaviour

20min
pages 159-167

2.10 Review

40min
pages 128-147

2.9 Researching a contemporary Australian or global market

37min
pages 108-127

2.8 How changes in relative prices and profits affect Australia’s resource allocation

11min
pages 102-107

equilibrium price and quantity

31min
pages 90-101

2.3 BACKGROUND KNOWLEDGE: How markets make key economic decisions — the big picture

7min
pages 79-81

2.4 The law of demand and movements along the demand curve

7min
pages 82-84

2.5 The law of supply and movements along the supply curve

6min
pages 85-87

2.2 The nature of perfectly competitive and other types of markets in an economy

19min
pages 71-78

2.1 Overview

1min
page 70

1.9 Review

46min
pages 51-69

1.5 Decision making in different economic systems

30min
pages 24-36

1.4 Making economic decisions

22min
pages 14-23

1.3 The basic economic problem of relative scarcity

9min
pages 10-13

1.8 Governments and their role as economic agents

15min
pages 45-50

1.6 Consumers and their behaviour as economic agents

11min
pages 37-41

1.1 Overview

1min
pages 4-5

1.7 Businesses and their behaviour as economic agents

4min
pages 42-44

1.2 What is economics?

4min
pages 6-9
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