Economics Pre-test

A 'need' is defined as:

• something which we desire, but is not necessary for our survival

• something you want to buy

• something that is required for our survival

• something you want to sell

A 'want' is defined as:

• something which we desire, but is not necessary for our survival

• something that we need to buy

• is something that is required for our survival.

• something that we need to sell

Tick the following options which represent a 'need'

• Water

• Playstation 4

• Food

• Shelter

• Television

The term 'scarcity' in economics refers to:

• Having everything you need and want

• Having an unlimited amount of resources (money)

• Having too many resources in your home

• Having unlimited needs and wants but only limited resources (money) to meet them

People who purchase goods in order to satisfy their wants and needs are known as (a)   (starts with the letter C):

Opportunity cost represents:

• the gain from other alternatives when one alternative is chosen

• the loss from other alternatives when one alternative is chosen

• the feeling of regret when you miss an opportunity

• the feeling of shame when you miss an opportunity

Natural resources refer to:

• Raw materials supplied from the Earth, sea or air

• Human skills, both physical and mental used to produce goods

• Human made objects which help in producing other products

• Currency

Labour resources refer to:

• Human made objects which help in producing other products

• Currency

• Raw materials supplied from the Earth, sea or air

• Human skills, both physical and mental used to produce goods

In economics, 'demand' refers to:

• When someone asks for something to be done immediately

• The amount of a good or service which consumers desire

• The amount of a good or service available to consumers

• Requesting for a task to be completed in a timely manner

In economics, 'supply' refers to:

• Requesting for a task to be completed in a timely manner

• When someone asks for something to be done immediately

• The amount of a good or service which consumers desire

• The amount of a good or service available to consumers