Humanities Quiz - Year 7

What is profit?

• the study of how resources are allocated to produce and distribute goods and services. In other words, why and how things get made and how they are paid for

• an amount of money that you gain when you are paid more for something than it cost you to make, get or do it

• a fundamental principle of economics that states that at a higher price, consumers will demand a lower quantity of a good

• means there are limited resources available to meet unlimited wants

Word to do with opportunity cost:

What is the wants option?

• An i phone

• clothes

• fresh water

• a house to live in

Click on all right answers: Needs are.....

• Something we desperately need to have

• Something we need to survive

• Something we can purchase with money

Is opportunity cost the second or third option out of all?

• Second

• Third