Year 8 Economics Revision

Studies how individuals, firms, and governments make choices about the production and consumption of resources.

• History

• Geography

• Economics

• Civics and Citizenship

Is this an example of a NEED or a WANT? (iPhone)

• Need

• Want

Is this an example of a NEED or a WANT? (Food)

• Need

• Want

Which one of the following is NOT a need?

• Food

• Water

• Shelter

• PlayStation 5

Which of the following is NOT a Want?

• Clothing

• Year's Supply of Chocolate

• iPad

• Pots and Pans

Things you take home with you after you buy them (physical items).

• Goods

• Services

• Natural

• Human

Things you don't take home with you after you buy them.

• Natural

• Goods

• Services

• Human

Good or Service?

• Good

• Service

Resources are also known as 'factors of production'.

• True

• False

Which of these resources are natural resources?

• Soils

• Rocks

• Plants

• Shovel