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Year 7 Economics - Part 2

Total questions: 50

Worksheet time: 33mins

Name
Class
Date
1.
a)
Need
b)
Want
2.
a)
Need
b)
Want
3.

Air, shelter, and food are all examples of ______________

a)

needs

b)

wants

4.

Someone who buys goods or services is called a ____________________

a)

producer

b)

consumer

5.
Does this person provide a good or a service?
a)
goods
b)
service
6.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
7.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
8.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
9.

The economic problem is that

a)

resources are limited and wants are limited.

b)

resources are unlimited and wants are limited.

c)

resources are limited and wants are unlimited.

d)

resources are unlimited and wants are unlimited.

10.

The opportunity cost of a good is

a)

its price in dollars and cents.

b)

the alternative goods forgone.

c)

the price of alternative goods foregone.

d)

none of the other options

11.

The money you make for doing a job is called your ________________.

a)

volunteer

b)

wage

c)

goods

12.

Volunteers work without making money.

a)

true

b)

false

13.

__________________________are things that people make or grow.

a)

Goods

b)

Factory

c)

Services

14.

The work that people do for other people is called a _______________________.

a)

good

b)

service

c)

factory

15.

Franchiser owns the brand

a)

True

b)

False

16.
What is a franchise?
a)
Where a business sells the rights to their brand
b)
Where you have full control
c)
Where you keep all the profits
17.
Which is a franchisor?
a)
Starts a business
b)
Takes over a business
c)
Buys into an existing brand
d)
Allows others to use their brand name
18.
How many people own a sole trader business?
a)
3
b)
2
c)
1
d)
20
19.
A sole trader is
a)
a business with one employee
b)
a business selling one product
c)
a business with one owner
d)
a business with one shop/office
20.

What is Fairtrade all about?

a)

better prices and better working conditions

b)

more trade for less money

c)

less money for workers

d)

less crops

21.

Who does Fairtrade really support?

a)

The richest earners

b)

The poorest earners

c)

The crops

d)

The countries wanting the crops

22.

Chocolate is one of the worlds favourite foods. What bean is harvested to make it?

a)

runner bean

b)

baked bean

c)

broad bean

d)

cocoa bean

23.

A boy had a bike for S32000 and was sold for S45000. What was the boy's profit? 

a)

S17000

b)

S12500

c)

S23500

d)

don't know

24.

A business that sells innovative technological products use this type of pricing method

a)

Price skimming

b)

Cost plus pricing

25.

A business that has many competitors will use this pricing methods

a)

Premium pricing

b)

Competitive pricing

26.

A business that sells luxury items and wants the product to be exclusive, use this type of pricing

a)

Price skimming

b)

Premium pricing

27.
2. I get a good feeling at work because I get to use my special skills
a)
Economic
b)
Social
c)
Psychological
d)
None of These
28.
4.  Make friends at work
a)
Economic
b)
Social
c)
Psychological
d)
None of These
29.
6.  Do things after work with people from my work
a)
Economic
b)
Social
c)
Psychological
d)
None of These
30.
7. Getting satisfaction from helping others
a)
Economic
b)
Social
c)
Psychological
d)
None of These
31.

When someone leaves their career after many years and does not return to a paid job.

a)

Pension

b)

Retirement

c)

Job security

d)

Labor

32.

The money you make after completing a job

a)

Income

b)

debt

c)

Value of work

d)

Ethics

33.

Why do people work?

a)

Money

b)

Family

c)

Religion

d)

All the above

34.

Jasmine works at a local charity on a Saturday. She doesn't receive any money. Jasmine is a ..........

a)

Volunteer

b)

Part-time employee

c)

Full-time employee

d)

On casual work

35.

What is the definition of a "need"?

a)

Something necessary for survival such as food, water or shelter

b)

Something you would really like to have

c)

Enough money to buy what you want

d)

None of the above

36.

An employee in China works 7 days per week for 12 hours per day. It could be said they have a poor _______________

a)

work-life balance

b)

job

c)

employer

d)

work ethic

37.

What is a relative scarcity?

a)

Resources are less than our wants and needs

b)

Resources are more than our wants and needs

c)

Some things are hard to find in the shops

d)

Some things are easy to find in the shops

38.

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:

a)

Part-time

b)

Full-time

c)

Volunteer

d)

Casual

39.

James has a wife and 2 children to support. They have to pay rent and bills. The most suitable work for James would be.....

a)

Full-time

b)

Part-time

c)

Voluntary

d)

Casual

40.

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...

a)

Part-time

b)

Full-time

c)

Casual

d)

Voluntary

41.

___________ is the act of creating or starting something new and different. __________ can improve on an existing idea or create something completely new from scratch.

a)

Innovation, Innovators

b)

Consuming, Consumers

c)

Producing, Producers

d)

Creating, Creators

42.

_________ is someone who takes on the risk of starting their own business

a)

An entrepreneur

b)

a business leader

c)

A risk taker

d)

innovator

43.

Something we must have in order to survive

a)

Want

b)

Need

c)

Producer good

d)

Consumer

44.

What are the 4 types of needs?

a)

Food, water, clothing, shelter

b)

Food, transport, water, housing

c)

Exercise, clothing, transport, food

d)

Shelter, food, clothing, transport

45.
A salary can be defined as a 
a)
yearly income
b)
weekly income
c)
monthly income
d)
fortnightly income
46.
Superannuation is 
a)
personal savings put away for when you retire
b)
provided by the government for people who can't support themselves
c)
when your employer pays a contribution to a fund for the future
47.
You should be paid superannuation if:
a)
You earn less than $450 per month
b)
You have a job
c)
You are an Australian resident for tax purposes
d)
You earn more than $450 per month
48.
Superannuation is:
a)
A form of income tax
b)
Money that is paid by your employer in addition to your salary which goes into the superfund of your choice
c)
Money that your employee deducts from your salary
d)
An optional program to put part of your salary away for retirement
49.

An activity in which people make or sell goods or give services.

a)

work

b)

job

c)

business

50.
A budget is 
a)
an estimate of future expenses and income
b)
a low price
c)
the amount you save

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