Year 9 Business - The Economy Lesson One Revision

Which of the following are examples of a need? (Select all that apply).

• Bread/Fruit/Vegetables

• Stationary

• School Uniform

• Basic Clothing

• Shelter

Which description best matches the term "relative scarcity"?

• Is when you don't have enough relatives.

• Is the idea that as individuals and as a society, our needs and wants will always be greater than our means of satisfying them.

• Is when you don't quite have enough of something. It is relatively scarce.

• Is the sum of all the good and services consumers want.

Which of the following are examples of a want? (Tick all that apply).

• Chocolate

• Bread/Fruit/Vegetables

• Mobile Phone

• Water

• Basic Clothing

Which of the following are examples of goods? (Select all that apply).

• Bottled Water

• Personal Trainer

• Mobile Phone

• Mobile Phone Plan (i.e. just the credit)

• Car

Which of the following are examples of a service? (Tick all that apply).

• Personal Trainer

• Ambulance

• Gaming Console

• School

• Manicure

The economy is made up of which of the following activities? (Tick all that apply).

• Consuming

• Choosing

• Distributing

• Calculating

• Producing

Which of the following is an example of a producer? (Tick all that apply).

• Farmer

• Accountant

• Nail Salon

• Supermarket

Doing quizzes like this is...

• Please just make it stop.

• Better than doing it in my book or on a worksheet.

• Only just bearable.

• Kinda fun.

The Australian economy can be defined as:

• the total of all activities undertaken for the purpose of producing, distributing and consuming the goods and services we require to satisfy our needs and wants.

• the total number of consumers and businesses in Australia.

• the sum of all the goods and services produced in Australia to satisfy our needs and wants.

• the total amount consumers spend on goods and services each year.

.................. are actions done for us by others. (Fill in the blank, select the most correct answer).

• Goods

• Services

• Favours

• Scarcity