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WorksheetsBasic Economic Concept (Gr7)
Total questions: 19
Worksheet time: 13mins
Define economics
The study of resources, its utilisation and how decisions are made by individuals and organisations in an eff ort to satisfy unlimited wants with limited resources.
Basic requirements or necessities of life. Something you must have for survival, without it you would not be able to live.
Things that you would like to have, but these are not necessary for survival, and you could live without them.
The inputs that are required to create outputs which are products and services.
Define wants
The study of resources, its utilisation and how decisions are made by individuals and organisations in an eff ort to satisfy unlimited wants with limited resources.
Basic requirements or necessities of life. Something you must have for survival, without it you would not be able to live.
Things that you would like to have, but these are not necessary for survival, and you could live without them.
The inputs that are required to create outputs which are products and services.
Define needs
The study of resources, its utilisation and how decisions are made by individuals and organisations in an eff ort to satisfy unlimited wants with limited resources.
Basic requirements or necessities of life. Something you must have for survival, without it you would not be able to live.
Things that you would like to have, but these are not necessary for survival, and you could live without them.
The inputs that are required to create outputs which are products and services.
------------ are the inputs that are required to create outputs which are products and
services.
(a)
------------------- are materials provided by the earth or nature which can be used.
(a)
-------------------- are resources those which can be replaced in a reasonable time or those which are available consistently such as trees and water.
(a)
-------------------------- are those which take a long period of time to get replaced or cannot be replaced once used.
(a)
-------------------- is the selection between two or more commodities. Choices are made on a daily basis by all consumers, firms and governments.
(a)
---------------------- is not how much money we spend on goods, but the other goods and services we could have bought with the money.
(a)
------------------- is the use of goods and services to satisfy human wants. It can either be direct consumption or indirect consumption.
(a)
Identify direct consumption and indirect consumption.
a) Eating a meal at a restaurant
Direct consumption
Indirect consumption
Identify direct consumption and indirect consumption.
b) Wearing new clothes for Eid festival
Direct consumption
Indirect consumption
Identify direct consumption and indirect consumption.
c) Going to see my friend in Addu City by air
Direct consumption
Indirect consumption
Explain the reason for making the choice.
The study of resources, its utilisation and how decisions are made by individuals and organisations in an eff ort to satisfy unlimited wants with limited resources.
Because our resources are limited and wants are unlimited. Selected items which gives us maximum satisfaction.
Things that you would like to have, but these are not necessary for survival, and you could live without them.
The inputs that are required to create outputs which are products and services.
From the below list identify natural resource
Trees
Fisherman
Barber
Washing machine
From the below list identify human resource
Trees
Fisherman
River
Washing machine
From the below list identify manufactured resource
Trees
Fisherman
River
Washing machine
From the given items below identify which one is a need
Ice cream
House
Mobile phone
Pen
From the given items below identify which one is a want
Water
House
Mobile phone
Oxygen
