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WorksheetsYear 7 Economics
Total questions: 25
Worksheet time: 14mins
What is a need?
Something you like to have
Something that is necessary to remain alive
any good or service that you purchase
something you desire to have
Which of the following are needs?
Food
Nike shoes
Water
Laptop
What is a want?
Something that is required to remain alive
A thing that is not needed to survive but makes life better
Something that you buy at the shops
a natural resource
Which of the following is a want?
Shelter
Car
Iphone
Water
A good is a...
Tangible item that you buy
an intangible item that you buy
something you buy from another person
An item made in a factory
A service is...
Something you can touch
An intangible skill that a person pays for
A tangible skill provided to someone
Something that is free
Select which of these options are a service
Hamburger
Doctors
Teacher
Lawyer
What is this item?
Good
Service
What is a consumer?
the increase in supply of a product
A human being who produces goods
Someone who creates products for people to buy
A person who buys things to use
A producer is
A person who has a lot of money
A person or a business that sells products to make a profit
A person who purchases goods
A business that buys shares in other companies
What is opportunity cost?
The cost of the product
What consumers miss out on when they make a choice
The idea of different products
Made up of the factors of production
Choose the 4 factors of production
Capital
Goods
Enterprise
Labour
Land
What is the study of economics?
Study of different countries wealth
Study of how people use their resources to satisfy their needs and wants.
Study of money
Study of world markets
What is scarcity?
Natural resources
People having unlimited needs and wants and limited resources
Unlimited resources
The amounts of goods and services on the planet
What is missing from the circular flow diagram?
Households
Businesses
Capital
Enterprise
What is missing from the circular flow diagram?
Consumers
Goods
Services
Goods and services
What type of consumer demand is this ad addressing?
Environmental
Health and fitness
Organic food
Fashion trend
Select which of the following are skills of an entrepreneur
Problem Solving
Lazy
Networking
Planning
What does the M stand for in SMART goals?
Mission
Measure
Measurable
Maintenance
What is a social entrepreneur?
Someone who comes up with an innovative idea
A person who is arrogant
A new business idea
Aim to make the world a better place through their business activity
What is the Age Pension?
A form of unearned income provided by the government
A form of earned income provided by the government
Money given to all people
Money provided for people in the labour force
What is an internship?
Working for free
Gaining work experience and skills in a particular field
Work that you get paid a salary for
Internships only occur at Google
Select the ways in which a person can earn an income
Owning property
Shares
Owning a Business
Employment
What are the 4 Ps of marketing
Produce, Picture, Price and Planning
Product, Price, Plan and Produce
Product, Price, Promotion and Place
Place, People, Plans and Potential
True or False: You have to be over the age of 15 to be considered part of the labour force
True
False
