4. Why is ýnancial literacy crucial? A. It enables informed decisions and helps build a resilient economy B. It helps maintain quality service C. It drives innovation and creates jobs D. It inþuences market trends 5. What is the ýrst good practice when investigating and collecting data? A. Evaluating the beneýts and costs of something B. Creating speciýc research questions C. Communicating ýndings in a suitable format D. Making overall judgements based on evidence 6. What kind of trends can line graphs show? A. Market analysis B. Historical price records C. Patterns of change over time D. Business plans 7. Why is understanding the purpose of your investigation important? A. It helps maintain quality service B. It drives innovation C. It keeps focused and on track D. It inþuences market trends 8. How can interpreting a business plan best beneýt a new business owner? A. It ensures steady stream of customers B. It helps make informed decisions C. It identiýes the main features or ideas D. It evaluates the advantages and disadvantages 9. What is the signiýcance of Australia’s connection to the global economy? A. It drives innovation B. It inþuences market trends C. It prepares for the future job market D. It helps access new markets for goods and services 10. What is one approach suggested for presenting data in an investigation? A. Creating speciýc research questions B. Using tables, charts or graphs C. Evaluating evidence D. Making overall judgements
ANALYSE AND APPLY 11. Explain how the balance between economic growth and environmental sustainability affects Australia. 12. Describe the process of investigating price changes for a selected group of products. 13. Explain how automation and artiýcial intelligence impacts the workforce in Australia. 14. What are the advantages of communicating ýndings using case studies in economics and business? EVALUATE AND COMMUNICATE 15. Evaluate how Australia’s trade relationship with countries like China, Japan and South Korea inþuences its economy. Answers and sample responses for this topic are available online.
TOPIC15 Economics and Business concepts and skills 543
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