REVISION ENTR Y7

Characteristics of money. Choose the ONE that does not fit.

• Durable

• Scarce

• Portable

• Free

An estimate of income and expenses for a specific period of time.  It assists in the management of money.

• Budget

• Money

• Bank

• Expenditure

Tax is money paid to the...

• Community

• Government

• Teachers

• Learners

It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer.

• Personal Tax

• Business Tax

• Tax

• VAT

When businesses use money or resources for projects that improve the world around them.

• CSR

• CSI

• CSA

• CAS

The economic cycle are:

• Producers, manufactures and consumers

• Producers, manufactures and Environment

• Producers, manufactures and Government

• Takers, manufactures and consumers

Production takes place when the four factors of production:

• •Workers,

  •labour,

  •capital

  •and entrepreneurship,

• •Money,

  •labour,

  •capital

  •and entrepreneurship,

• •natural resources,

  •labour,

  •capital

  •and entrepreneurship,

• •People,

  •labour,

  •capital

  •and entrepreneurship,

•These businesses make up the first layer of the economy.

•Includes: farming, fishing, forestry, mining, hunting and gathering.

• Secondary

• Primary

• Tertiary

• Low level

•This is a business that sells products which are made by other businesses or people directly to consumers.

• Trading business

• manufacturing business

• Services business

• Formal Business

•The relation between output (the number of units of a product or service produced) and the amount of input (labour, capital and material) which was used to produce the output.

• Production

• Manufacturing

• Business

• Productivity