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WorksheetsMarkets Revision
Total questions: 20
Worksheet time: 12mins
The name given to the person or group that is the final user of goods and services produced in an economy
producer
consumer
retailer
manufacturer
Which of the following is the best example of a supply chain?
producer --> retailer --> consumer
manufacturer --> consumer --> producer
manufacturer --> producer --> consumer
retailer --> producer --> consumer
A market exists in any situation where buyers and sellers come together to exchange.
True
False
Select those below that are an example of a good
haircut
clothes
shampoo
softdrink
painting of a room
Which of the following are examples of needs?
internet
water
fruit and vegetables
Nike shoes
chips
Which of the following statements is true?
The business sector pays wages to the household sector
The household sector pays wages to the business sector
The household sector supplies labour to the business sector
The household sector supplies goods to the business sector
The business sector supplies goods to the household sector
Why do Governments play an important role in the economy?
Setting taxation levels
Providing services such as schools and hospitals
Providing money to build roads
Loan money to individuals
Use money collected from taxes to pay pension and other welfare payments
The market which involves individuals depositing money and receiving interest (sell the use of their money) and banks lending to others (who buy the use of this money by paying interest) is known as the:
retail market
labour market
stock market
financial market
The labour market refers to:
buying and selling of goods and services
prospective employers wanting to employ people (buy their skills and effort) and employees looking for a job (hoping to sell their labour to employers)
buying and selling shares
lending and borrowing money
The functions of money include: (select all that apply)
medium of exchange (to purchase goods and services)
notes and coins (different in each country)
store of value (to save for later)
measure of value (to know the worth of an item)
A business which displays the fat content of items on the menu is catering to which social trend?
environmentally friendly
healthy lifestyle
organic food
social media
Goods being brought into Australia from other countries are called:
exports
fringe benefits
superannuation
imports
From the following list select reasons why an Australian business might import goods from overseas.
They are unavailable in Australia
They were manufactured overseas to cut costs
It increases the wealth of the overseas country the goods are coming from
Retailers are not allowed to sell goods made in their own country
They are cheaper
What type of card uses the bank's money?
birthday card
credit card
debit card
medicare card
A person who is willing to take a risk and has the qualities required to turn an idea into a successful business is called an entrepreneur.
False
True
The location, or position, of the business is a key factor in it's success. Which of the following may influence the choice of location? (select all that apply)
cost of rent
how close it is to competitors
visibility - easily seen by customers
in an area where a large number of people already go (eg a shopping centre)
if the store has the necessary facilities eg kitchen
When deciding on the target market for their product a business may consider:
age and gender of customers
where customers live
customer hobbies
all of the above
Which of the following are reasons people work:
to earn money
to help others
to gain prestige or status
to relax
to improve self-esteem or gain self-satisfaction
What is the difference between full-time and part-time work?
Full time you have to work 365 days a year
Full time is 35 hours a week or more, part-time is less than 35 hours a week
Full time is 40 hours a week, part-time is on an "as-needs" basis
Full time is all year round, part-time is only in winter
In which industry would you be working if you worked in Woolworths?
hospitality (coffee shops, fast food and restuarants)
manufacturing (making and fixing machinery and vehicles)
retail (shops)
real estate (renting and selling houses and property)
