Year 7 HaSS Formative Quiz WK 1 & 2

Oliver and Evelyn are discussing economics. What economic problem arises because resources are limited?

• Inflation

• Scarcity

• Unemployment

• Surplus

Hey class! Michael, Abigail, and Scarlett are discussing economics. Can you help them figure out which of the following is NOT considered an economic resource?

• Land

• Labour

• Capital

• Weather

In the exciting world of the circular flow of income model, can you help Jackson and Olivia figure out what households provide to businesses?

• Goods and services

• Economic resources

• Taxes

• Government spending

Benjamin and Samuel are discussing economics. Samuel asks, 'Benjamin, do you know what opportunity cost is?'

What is Benjamin's response?

• The cost of the next best alternative foregone

• The total cost of all alternatives

• The cost of production

• The cost of goods and services

Harper and Aria are discussing different types of resources in their economics class. Can you help them identify which of the following is an example of a capital resource?

• A factory building

• A worker

• A natural forest

• A government policy

In the exciting world of the circular flow of income model, what do businesses provide to households? Imagine Abigail, Benjamin, and William discussing this in class!

• Wages and salaries

• Economic resources

• Taxes

• Government services

Emma and Rohan are discussing economics. Which of the following best describes labour as an economic resource?

• Natural resources used in production

• Human effort used in production

• Machinery and equipment used in production

• Financial capital used in production

Imagine you're in a bustling economy with Jackson, Benjamin, and Arjun. What does the circular flow of income model illustrate?

• The flow of money and resources in an economy

• The process of inflation

• The causes of unemployment

• The impact of government policies

During a class discussion, Avery asked: 'Which of the following is an example of a natural resource?'

• A computer

• A river

• A teacher

• A bank loan

Imagine Arjun, Anika, and James are part of a bustling economy. In the circular flow of income model, what do they receive in exchange for providing their valuable economic resources?

• Goods and services

• Income

• Taxes

• Government subsidies