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Worksheets8 Economics & Business 1
Total questions: 25
Worksheet time: 13mins
In which order do we write notes in our exercise books?
Graphic organiser, vocabulary, big ideas.
Vocabulary, big ideas, graphic organiser.
Graphic organiser, big ideas, vocabulary.
Australia has many markets.
True.
False.
Peoples are part of these markets when they...
buy.
sell.
buy or sell.
None of the above.
How do consumers usually receive their chosen goods and services?
Barter (exchange other goods or services)
Pay money.
One of the main reasons producers sell goods and services is to ...
make a profit.
build relationships with people.
to go bankrupt.
The labour market, the housing market, the stock market and where business takes place are all different examples of ...
drinks.
markets found in Australia.
places that do not include children.
Define interaction:
the exchange of goods and services among buyers and sellers
working with another group.
A consumer is a person who exchanges money for goods and services.
Define sellers:
A producer is a person or business who makes and sells goods and services for a profit.
working with another group.
A consumer is a person who exchanges money for goods and services.
Goods and services flow from ...
households to firms.
firms to households.
Factors for production flow from ...
households to firms.
firms to households.
Consumer expenditure flows from ...
households to firms.
firms to households.
When the price goes up and the quantity goes down, it is known as the ...
Law of Demand.
Law of Supply.
When the price goes up and the quantity goes up, it is known as ...
Law of Demand.
Law of Supply.
Law of Demand states ...
When the price goes down, the quantity goes down.
When the price goes down, the quantity goes up.
Law of Supply states ...
when the price goes down, the quantity goes down.
when the price goes down, the quantity goes up.
What do producers usually want to do when the price goes down?
Produce more.
Produce less.
Define price:
the amount of money for which goods and services are bought and sold.
the action of one thing can change the result of another.
A consumer is a person who exchanges money for goods and services.
Define influence:
the amount of money for which goods and services are bought and sold.
the action of one thing can change the result of another.
working with another group.
What are the four basic economic questions?
What to produce, how to produce, how much to produce and what time to produce it?
What to produce, how to produce, how much to produce and where to produce it?
What to produce, how to produce, how much to produce and for whom to produce?
What are the four non-price factors that may affect a buying choice?
Income, seasonal conditions, population and school.
Income, seasonal conditions, population and tastes and preferences.
It is always about the money.
What are the four factors of production?
Land, labour, capital and enterprise.
Forests, minerals, animals or geographical location.
Money, machinery and buildings.
People that a business needs to produce, develop and sell goods or services.
Resources are required to create all _________ and __________.
colours and thoughts.
goods and services.
consumers and producers.
Resources are _________ so therefore _________ must be made.
wicked, money
scarce, money
scarce, choices
All goods and services are a want.
True
False.
Economics is the study of how people make choices.
True
False
