2. What does ‘opportunity cost’ mean? A. The money spent on something cheap. B. The time it takes to buy something. C. The beneýt you give up when choosing one option over another. D. The best option available at all times. 3. How can a young person be an active participant in the economy? A. Watching TV shows about money. B. Saving part of their pocket money or helping a family business. C. Ignoring how money is used at home. D. Only buying expensive things. 4. Which of these is a current economic issue in Australia? A. Too many zoos
B. Lack of movie theatres C. Youth unemployment D. Not enough phone brands 5. Mia wants to buy a new bike but also needs to pay for her school camp. How should she decide what to do? A. Flip a coin. B. Ask a friend what they would do. C. Think about what is more important and what she can afford. D. Buy both without thinking about the cost. ANALYSE AND APPLY 6. Explain the importance of investigation as a skill in Economics and Business. 7. Describe the steps involved in collecting and organising data for an investigation. 8. How can interpreting information in a graph help in making business decisions? 9. What are the advantages of evaluating a business plan before starting a business? 10. Discuss , with examples, why is it important to communicate ýndings in an appropriate format for a particular audience. Answers and sample responses for this topic are available online.
LESSON 15.3 SkillBuilder: Investigating
How can I investigate an issue? Use this lesson to develop your own questions and to investigate contemporary economic issues.
LESSON 15.4 SkillBuilder: Interpreting and analysing data and information
How is data and information interpreted? Learn how to infer information from different sources.
TOPIC15 Economics and Business concepts and skills 539
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