Year 7 Economics

What is the definition of a "need"?

• Something necessary for survival such as food, water or shelter

• Something you would really like to have

• Enough money to buy what you want

• None of the above

Jasmine works at a local charity on a Saturday. She doesn't receive any money. Jasmine is a ..........

• Volunteer

• Part-time employee

• Full-time employee

• On casual work

An employee in China works 7 days per week for 12 hours per day. It could be said they have a poor _______________

• work-life balance

• job

• employer

• work ethic

A person, country or company that makes, grows or supplies goods or commodities for sale is a.....

• Producer

• Consumer

• Distributer

• Shop

What is a relative scarcity?

• Resources are less than our wants and needs

• Resources are more than our wants and needs

• Some things are hard to find in the shops

• Some things are easy to find in the shops

Dorothy is 60 years old. She has no mortgage to pay, but still needs to earn a small and regular income until she retires. The most suitable work would be:

• Part-time

• Full-time

• Volunteer

• Casual

James has a wife and 2 children to support. They have to pay rent and bills. The most suitable work for James would be.....

• Full-time

• Part-time

• Voluntary

• Casual

Eleanor is a single parent with a 3 year old boy that attends school for 2 days per week. She still wants to spend some time with her son when he is not at school. The best type of work for Eleanor would be...

• Part-time

• Full-time

• Casual

• Voluntary

_________ is someone who takes on the risk of starting their own business

• An entrepreneur

• a business leader

• A risk taker

• innovator

When you stop working or have stopped working, usually because you have reached a particular age

• Tired of work
• Won Lotto
• White collars
• Retirement