Year 7 Economics Revision

A market is 

• any organised exchange of goods and services for money
• where you buy groceries
• stalls of food on weekends 

A budget is 

• an estimate of future expenses and income
• a low price
• the amount you save

Money is a 

• factor of production
• means of exchange
• good
• service

Budgets are important 

• to ensure you have enough money to satisfy your needs and wants
• to ensure you don't overspend each month
• to help you save
• all of the answers

Income can be defined as 

• money earned through work or investment
• money spent on incomings
• money earned through saving

The aged pension can be defined as

• regular payments made by the government to elderly people
• regular payments from emplyers to old people
• regular payments made by hospitals to sick people

A casual worker

• works only when needed
  
• works 35 hours per week every week
• works every second day

An entrepreneur is

• a person who takes on a risk by starting a business with an idea
• someone who likes enterprise
• a person who owns lots of different businesses

A full-time worker

• works 35 hours or more per week
• works 60 hours per week
• works when required
• works from home

A good is

• physical / tangible items that satisfy needs and wants
  
• intangible items that satisfy needs and wants
• also known as a want