1. What is meant by opportunity cost? How is relevant when people make economic choices?2. What is the difference between microeconomics and macroeconomics?3. What determines how much producers supply of a product?4. How market prices are determined and when are they likely to rise or fall?5. What are the major strengths and weaknesses of a free market economy?6. How the elasticity of demand or supply does affect the working of markets?7. What will happen if the government sets a price either above or below the market equilibrium?8. What are meant by economies of scale and what are the reasons for such economies?9. Why does operating under conditions of perfect competition make being in business a constant battle for survival?10. Why might firms charge different consumers different prices for an identical product?11. What can government do when market fails?12. What is the difference between systematic and unsystematic risk?13. What effects powerful employers and trade unions have on wages and employment?14. Why does the demand for all goods and services vary from year to year?15. What is the relationship between money and interest rates? What is the role of various financial institutions in this relationship?16. Why does Reserve Bank of Australia play a crucial role in the functioning of economies?17. What is meant by balance of payments and how do trade and financial movements affect it?