Year 8 Economics WEEK 1 Revision

What is a consumer?

• businesses involved in the production of goods and services

• a person who purchases goods and services for personal use

• The owner of the business

• a person who provides rights to workers

What is a producer?

• A person who represents a household

• A shortage in goods and services

• Someone who works in the stock market

• Businesses involved in the production of goods and services

Define Human Resources

• Another term for a shortage in a good or service

• SLAVES!!!

• A resource which comes from the natural environment

• human knowledge and skills used to benefit a business

What is an example of a need?

• food

• clothing

• shelter

• all of the above

What is an example of a want?

• Porsche

• school uniform

• milk

• bread

What is an example of a renewable resource?

• water

• coal

• oil

• all of the above

What does distribution mean?

• businesses use to purchase capital items

• the action of buying goods and services

• using transport to move goods and services from producers to markets

• all answers are correct

What does specialisation mean?

• relates to hunter and gatherer societies

• was made possible when people learnt to grow crops and herd livestock

• people developing specific skills and knowledge for employment

What is an example of exchange?

• giving a shop money to buy a loaf of bread

• using a credit card to purchase furniture

• direct debit to pay an electricity bill

• all answers are correct

What is a salary?

• paid by a business to an employee - annually

• paid by a business to an employee at an hourly rate

• interest paid by banks

• a bonus paid by a business to its workers