Worksheets7 Econs Producing and Consuming
Total questions: 30
Worksheet time: 23mins
Jasmine works at a local charity on a Saturday. She doesn't receive any money. Jasmine is a ..........
Volunteer
Part-time employee
Full-time employee
On casual work
What is the definition of a "need"?
Something necessary for survival such as food, water or shelter
Something you would really like to have
Enough money to buy what you want
None of the above
An employee in China works 7 days per week for 12 hours per day. It could be said they have a poor _______________
work-life balance
job
employer
work ethic
A person, country or company that makes, grows or supplies goods or commodities for sale is a.....
Producer
Consumer
Distributer
Shop
What is a relative scarcity?
Resources are less than our wants and needs
Resources are more than our wants and needs
Some things are hard to find in the shops
Some things are easy to find in the shops
Dorothy is 60 years old. She has no mortgage to pay, but still needs to earn a small and regular income until she retires. The most suitable work would be:
Part-time
Full-time
Volunteer
Casual
James has a wife and 2 children to support. They have to pay rent and bills. The most suitable work for James would be.....
Full-time
Part-time
Voluntary
Casual
Eleanor is a single parent with a 3 year old boy that attends school for 2 days per week. She still wants to spend some time with her son when he is not at school. The best type of work for Eleanor would be...
Part-time
Full-time
Casual
Voluntary
___________ is the act of creating or starting something new and different. __________ can improve on an existing idea or create something completely new from scratch.
Innovation, Innovators
Consuming, Consumers
Producing, Producers
Creating, Creators
Which of the following would be characteristics of an entrepreneur? (multiple correct)
Resilience
Rich
Understanding of finances
Come from a family of business leaders
The four factors of production are:
Capital, Present, Labour, Land
Capital, Enterprise, Labour, Land
Land, Luck, Labour and Lumber
Capital, Entrepreneurs, Labour and Land
Consumers can satisfy every single one of their wants:
True
False
Which ancient society invented paper money?
Ancient Egypt
Ancient Australia
Ancient Greece
Ancient China
Ancient India
Before the use of money, the main way in which people got goods/services was through:
Theft
Making their own
Barter
Batter
Producers and consumes rely on one another to survive. This is known as:
Independence
Interdependence
Which economic concept is best represented by this?
Circular Flow of Income
Simple Circular Flow of Income
Goods and Services
Money
How many characteristics of "wants" are there?
3
4
5
6
How much money do Australians spend on bottled water each year?
$100 million
$250 million
$500 million
The exact amount is unknown
One of the biggest challenges for business is:
Deciding the price to charge for their product
Finding suitable premises to establish a shop front
Working out how to advertise their products
Deciding when to hold a sale
What is scarcity?
someone that makes a good
shortness of supply; not enough
something used to make a good
the relationship between people and places within a community
What is a good?
the act of doing something for someone else
providing only ONE good or service
something used or bought
a resource found in nature
What is a service?
shortness of supply; not enough
someone that makes a good
someone that uses goods and services
the act of doing something for someone else
What is a capital resource?
Someone who makes goods or services
anything used in the production of a good or service?
a resource found in nature
a person involved in the production of a good or service
