WorksheetsWorld of Work
Total questions: 30
Worksheet time: 15mins
What is an entrepreneur?
A person who is willing and able to work for a company
A person who is willing to build cars for a business
A person who is willing and able to buy goods and services
A person who is willing and able to find a new idea or invention and convert this into a new or better product, service or process.
Which is a characteristic of an entrepreneur?
Closed to new ideas.
Passionate
Dependent on others
Doesn't have any new ideas
Identify the entrepreneur
Mrs Pearce
Oprah Winfrey
Homer Simpson
The dog
Why do people work?
To spend time with their friends
To play with toys
Because they have to
To earn an income
What is the best definition of income?
The money a person receives from working and from property or shares.
The money a person receives for producing goods and services
The money a person receives for consuming goods and services.
The money a person receives from their family.
What is the best definition of standard of living?
The level of comfort a person can give another person.
The level of wealth a person can give another person.
The level of wealth a person receives for working.
The level of wealth and comfort a person can achieve.
What is the best definition for self esteem?
A person's sense of purpose.
A person's ability to believe in themselves.
A person's sense of purpose and the confidence in one's own worth or abilities.
A person's ability to work hard and earn an income.
Identify one of the reasons people work.
Work contributes to a person's happiness
Work makes people love each other
Work makes us like Homer Simpson
Work helps a person build a house
What type of work is described: This person does not get holiday leave, and has no guarantee or the number of hours they work each week.
Part time
Full Time
Contract
Casual
What type of work is described: This person gets sick leave and works a 38 hour work week.
Part time
Full time
Contract
Casual
What type of work is described: This person gets parental leave but works less than a 38 hour week.
Part time
Full time
Contract
Casual
What type of work is described: This person does not get sick leave and are employed to complete a specific task without having a guarantee of work beyond the task.
Part time
Full time
Contract
Casual
What type of work is described: This person does not get paid for their work or receive holiday leave.
Part time
Volunteer
Contract
Casual
What is a consumer?
Any person who buys goods and services to satisfy their needs and wants.
Any person or group that makes something in order to sell it.
What is a producer?
Any person who buys goods and services to satisfy their needs and wants.
A person or group who makes something in order to sell it.
What is a need?
Items we desire but do not require for survival.
Items essential for survival, such as water, basic food, clothing and shelter.
What is a want?
Items we desire but do not require for survival.
Items essential for survival, such as water,basic food, clothing and shelter.
What does interdependent mean?
Both parties rely upon each other.
Neither party relies on the other.
What are the four resources utilised to make a good or service?
Land, labour, buildings, enterprise
Land, people, capital, enterprise
Resources, labour, capital, enterprise
Land, labour, capital, entertain
What is an example of a land resource?
Ferrari
Building
Steve Jobs
Cow
What is an example of a labour resource?
Cow
Mechanic
Steve Jobs
Building
What is an example of a capital resource?
Ferrari
Building
Steve Jobs
Cow
What is an example of enterprise?
Ferrari
Building
Steve Jobs
Cow
What is the best definition of demand?
Consumers are willing and able to produce a good.
Producers are willing and able to produce a good.
Consumers are willing and able to provide a service.
Consumers are willing and able to purchase a good or service at a particular time and price.
What is the Economic Problem?
Unlimited wants + Unlimited resources = need for choice
Unlimited wants + Limited resources = need for choice
Limited wants + Limited resources = need for choice
Limited wants + Unlimited resources = need for choice
The Economic Problem forces us to...
Buy goods
Buy services
Make goods
Make choices
What is opportunity cost?
the "real cost" of what you give up (sacrifice) when choosing between two or more items
the "real cost" of the price you pay for a good.
the "real cost" of the price you pay for a service.
the opportunity to sacrifice your needs for your wants.
A restaurant sells a pizza for $8, it costs them $6 to make, how much profit have they made?
$8
$6
$2
$4
Who are considered King in the economy?
Government
Producers
Consumers
Rich people
The amount of money a business makes for selling a good or service is called...
Revenue
Profit
Cost of production
Sales
