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WorksheetsYear 7 Economics and Business Revision
Total questions: 56
Worksheet time: 51mins
What is economics?
The study of how the world uses money to buy things we want.
The study of how everyone uses money and works jobs.
The study of how people and society use resources to satisfy their needs and wants.
Which definition best describes the definition of work?
Physical or mental effort directed to doing or making something
Paid employment at a job, trade or profession
The place where a person is employed
All of the above
What are the two types of reasons for working?
Money and income
Material and non-material reasons
Income and superannuation
None of the above
Tick everything below that describes what material reasons for working are.
Anything related to financial gain
Anything related to non-financial gain
Physical things that you can touch
Non-physical things you can't touch
Tick everything below that describes what non-material reasons for working are.
Anything related to financial gain
Anything related to non-financial gain
Physical things that you can touch
Things you cannot touch
What is one example of a material reason for working?
(a)
What are examples of non-material reasons for working? (Tick all that are correct)
Learn new skills
Earn money
Help people and make a difference
Superannuation
Build relationships with colleagues
What are the four main types of work?
volunteer, casual, part time, full time
casual, part time, full time, contract
part time, full time, casual, internship
Do people who do volunteer work earn an income?
Yes
No
Part time workers work less than how many hours a week?
Less than 36 hours
Less than 37 hours
Less than 38 hours
Less than 40 hours
Full time workers work more than how many hours a week?
More than 36 hours
More than 37 hours
More than 38 hours
More than 40 hours
What is an entrepreneur?
Someone who sees an opportunity for a new idea and takes on the risk of starting their own business to make a profit from their new idea
Someone who sees an opportunity for a new idea and starts a business.
Someone who starts their own business to make a profit from their new idea
Provide one example of an entrepreneur.
Fill in the blanks: the main characteristics of an entrepreneur are:
1. __________
2. __________ (enterprising)
3. __________ and motivation
4. Establishing a shared ______ and showing passion
5. __________ (starts with R)
6. Willingness to take appropriate _____
7. Strong work _____
(a)
Fill in the blanks: Three ways to earn an income besides working include:
1. Owning a ________
2. Owning ________
3. Owning ______
(a)
What are the risks of owning property as a form of income? (tick all that apply)
You may have no one renting your property for a long period of time
You need to pay for repairs to the property
If you own a property in an unpopular area, no one will want to live there
What is retirement?
The period of life when a person chooses not to work
The period of life when a person has reached a certain age when they can no longer work fulltime or choose not to work
The period of life when you get old and can't be bothered working anymore
Who usually sets the age of retirement?
(a)
List one thing people do during retirement
(a)
What are the three ways people pay for retirement?
(a)
What is superannuation?
(a)
What is the age pension?
(a)
What is the current age people can access the age pension?
65
66
67
68
Why is the government raising the retirement age?
What is a need?
(a)
What is a want?
(a)
Provide one example of a need.
(a)
Provide one example of a want.
(a)
What is a collective want?
What is one example of a collective want?
(a)
Need or want?
Need
Want
Need or want?
Need
Want
Need or want?
Need
Want
Need or want?
Need
Want
Need or want?
Need
Want
Need or want?
Need
Want
What is the economic problem?
(a)
What is scarcity?
Being in short supply of something
Limited resources
Unlimited resources
What is scarce in this image?
What is scarce in this image?
Want or collective want?
Want
Collective want
Want or collective want?
Want
Collective want
What is a producer?
A person who buys goods and services to satisfy their needs and wants.
Organisms that make their own food
A person or group (such as a business or company) that makes a good or service in order to sell it.
What is a consumer?
Cannot make their own food
A person or group (such as a business or company) that makes a good or service in order to sell it
A person who buys goods and services to satisfy their needs and wants.
What are the three types of producers?
(a)
What are the four types of consumers?
(a)
Describe primary producers.
Where do secondary producers make their goods?
(a)
What do tertiary producers provide?
(a)
What is an example of a primary producer?
Farmer
Teacher
Travel Agent
Shoe maker
What is an example of a secondary producer?
Farmer
Clothing
Teacher
Doctor
What is an example of a tertiary producer?
Miner
Teacher
Shoe maker
Farmer
What is a loyal consumer?
those that will continue to buy a particular good or service from the same business (producer) for a long time
tend to buy products that they believe are the best value for money.
do not make calculated purchasing decisions. They are often attracted by flashy advertising or product visibility
only buy products they feel they really need
What is a discount consumer?
those that will continue to buy a particular good or service from the same business (producer) for a long time
tend to buy products that they believe are the best value for money.
do not make calculated purchasing decisions. They are often attracted by flashy advertising or product visibility
only buy products they feel they really need
What is an impulsive consumer?
those that will continue to buy a particular good or service from the same business (producer) for a long time
tend to buy products that they believe are the best value for money.
do not make calculated purchasing decisions. They are often attracted by flashy advertising or product visibility
only buy products they feel they really need
What is a needs-based consumer?
those that will continue to buy a particular good or service from the same business (producer) for a long time
tend to buy products that they believe are the best value for money.
do not make calculated purchasing decisions. They are often attracted by flashy advertising or product visibility
only buy products they feel they really need
