Year 7 Economics and Business Revision

What is economics?

• The study of how the world uses money to buy things we want.

• The study of how everyone uses money and works jobs.

• The study of how people and society use resources to satisfy their needs and wants.

Which definition best describes the definition of work?

• Physical or mental effort directed to doing or making something

• Paid employment at a job, trade or profession

• The place where a person is employed

• All of the above

What are the two types of reasons for working?

• Money and income

• Material and non-material reasons

• Income and superannuation

• None of the above

Tick everything below that describes what material reasons for working are.

• Anything related to financial gain

• Anything related to non-financial gain

• Physical things that you can touch

• Non-physical things you can't touch

Tick everything below that describes what non-material reasons for working are.

• Anything related to financial gain

• Anything related to non-financial gain

• Physical things that you can touch

• Things you cannot touch

What is one example of a material reason for working?

(a)  

What are examples of non-material reasons for working? (Tick all that are correct)

• Learn new skills

• Earn money

• Help people and make a difference

• Superannuation

• Build relationships with colleagues

What are the four main types of work?

• volunteer, casual, part time, full time

• casual, part time, full time, contract

• part time, full time, casual, internship

Do people who do volunteer work earn an income?

• Yes

• No

Part time workers work less than how many hours a week?

• Less than 36 hours

• Less than 37 hours

• Less than 38 hours

• Less than 40 hours