EMS Grade 8 Term 1 - Grade 7 Revision

... were self-sufficient and lived on whatever was provided by nature.

• Entrepreneurs

• Goldsmiths

• Traditional societies

• Supervisors

The following is not an example of basic needs:

• Food

• Jewellery

• Clothing

• Clinic

... is the money to start a business.

• Expense

• Saving

• Profit

• Capital

When expenses/expenditures are more than the income, the budget will be balanced with a

• Deficit

• Profit

• Loss

• Surplus

Which of the following is a potential benefit of recycling?

• Increased pollution

• Reduce unemployment

• Promote crime

• Load shedding

Choose the correct option/s. Total assets - total liabilities.

• Household

• Liabilities

• Net worth

• Budget

• Needs

Choose the correct option/s. Things that are necessary for human beings to survive.

• Household

• Liabilities

• Net worth

• Budget

• Needs

Choose the correct option/s. Group of people that live together and make economic decisions.

• Household

• Liabilities

• Net worth

• Variable costs

• Needs

The cost that changes as the number of goods produces changes.

• Household

• Liabilities

• Net worth

• Variable costs

• Needs

The money the business owes to other businesses or people.

• Household

• Liabilities

• Net worth

• Variable costs

• Needs