Year 7 Economics 1

Aria is at a store and she sees a beautiful dress that she likes but doesn't necessarily need. This dress is...

• A non-essential good or service

• A resource needed for survival

• An essential good or service

• All of the above

A good is...

• A factor in the economy that improves happiness

• Physical items that satisfy needs and wants

• Actions done for a person by others to satisfy the person's needs and wants

• None of the above

Services are...

• Physical items that satisfy a consumer's needs and wants

• Actions done for a consumer by others to satisfy the consumer's needs and wants

• Lawn mowing, public transport and dentists and trains

• Something essential to survival

Which of the following is NOT an example of a service?

• Plumber

• Waitress

• Car

• Nurse

A business:

• Produces goods and/or services for consumers

• Is the final user of goods and services produced in an economy

• Is the organiser of the exchange of goods and services for money

• Provides goods and/or services in order to make a profit

Priya, Grace, and Anika started a lemonade stand. In this scenario, who would be considered a producer?

• A person who buys and drinks the lemonade

• Someone who takes a risk by starting a lemonade stand

• An individual or business involved in the production of lemonade

• Someone who carries out market research for the lemonade stand

Luna went to a supermarket to buy groceries for her home. In this scenario, Luna is...

• The final user of goods and services produced within an economy

• An individual involved in the distribution of goods and services

• A person who takes on a risk by starting a business with an idea to make profits

• The organiser of the exchange of goods and services for money

A market within the economy can best be described as...

• A place that sells fruits and vegetables

• All the businesses that supply goods and services to other businesses

• A large shopping centre

• An organised exchange of goods and services for money

• ___________________ is the total of all activities undertaken within Australia for the purpose of producing, distributing and consuming goods and services.

• The worldwide economy

• The Australian Business Activity Centre

• • The Australian economy

• The stock market

• Employees provide ______ to businesses and receive money in return, enabling them to purchase goods and services from other businesses.

• • labour

• shares

• money

• employment