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WorksheetsYear 7 Economics Revision
Total questions: 42
Worksheet time: 30mins
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
_________ is someone who takes on the risk of starting their own business
An entrepreneur
a business leader
A risk taker
innovator
Something we would like to have but can survive without
Want
Need
Producer good
Public good
Something we must have in order to survive
Want
Need
Producer good
Consumer
What is the Economic Problem?
There are unlimited resources to satisfy our limited needs and wants
It is very difficult to learn
There are too many producers and not enough consumers
There are limited resources to satisfy our unlimited needs and wants
What are the 4 types of needs?
Food, water, clothing, shelter
Food, transport, water, housing
Exercise, clothing, transport, food
Shelter, food, clothing, transport
A person who uses goods and services
Consumer
Producer
Competitor
Want
Agricultural (primary) producers...
Generally produce food – products that are grown from the land or sourced from nature
Manufacture goods in factories
Provide skills, knowledge, effort and other intangible benefits
Discount consumers...
Continue to purchase from the same business for a long period of time
Prefer to buy products that give the best value for money, including sale items
Make less calculated decisions on how to spend their money
Only purchase products they really require
What are producer goods?
Goods made by producers
Services used by producers
Goods used by producers in the manufacture of other goods
Goods used by consumers to satisfy needs and wants
What are the 4 factors of production?
Land
Machines
Labour
Capital
Enterprise
Which of these are examples of land?
(select all correct answers)
Trees
Trucks
Fish
Factory
Chef
Permanent is how many hours per week?
40
35
38
42
The employer must contribute how much Superannuation
9%
8.5%
9.5%
10%
Which of the following is a service?
a muffin at a bakery
a peach at the market
a cook making a meal
a house
A person who grows, makes, or sells goods.
producer
consumer
occupation
customer
Work done for others, like fixing a car.
goods
services
consumer
occupation
An activity in which people make or sell goods or give services.
work
job
business
Which one of these definitions best describe Opportunity Costs?
The cost of making one decision over another.
The cost for the opportunity to buy anything you want.
The opportunity that will cost you loads of money.
Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?
studying for a quiz
watching TV
eating dinner
taking a nap
What is Fairtrade all about?
better prices and better working conditions
more trade for less money
less money for workers
less crops
Who does Fairtrade really support?
The richest earners
The poorest earners
The crops
The countries wanting the crops
