WorksheetsYear 7 Business and Economics
Total questions: 20
Worksheet time: 10mins
A want is...
A non-essential good or service
A resource needed for survival
An essential good or service
All of the above
A good is...
A factor in the economy that improves happiness
Physical items that satisfy needs and wants
Actions done for a person by others to satisfy the person's needs and wants
None of the above
Services are...
Physical items that satisfy a consumer's needs and wants
Actions done for a consumer by others to satisfy the consumer's needs and wants
Lawn mowing, public transport and dentists and trains
Something essential to survival
Which of the following is an example of a want?
Water
iPhone
Apples
Tent
Which of the following is NOT an example of a service?
Plumber
Waitress
Car
Nurse
A business:
Produces goods and/or services for consumers
Is the final user of goods and services produced in an economy
Is the organiser of the exchange of goods and services for money
Provides goods and/or services in order to make a profit
A producer is:
A person or group that is the final user of goods and services produced in an economy
A person that takes a risk by starting an enterprise or business
An individual or business involved in the production of goods and services
Someone who carries out market research
Consumers are...
The final users of goods and services produced within an economy
Individuals or businesses involved in the distribution of goods and services
A person who takes on a risk by starting a business with an idea to make profits
The organisers of the exchange of goods and services for money
The economic problem is one of:
Limited wants and needs
Unlimited wants and unlimited needs
Unlimited wants and limited resources
Limited wants and unlimited needs
A market within the economy can best be described as...
A place that sells fruits and vegetables
All the businesses that supply goods and services to other businesses
A large shopping centre
An organised exchange of goods and services for money
In the circular flow of income model, households provide resources to firms, in exchange for:
Income
Goods and services
Expenditure
Resources
In the circular flow of income model, examples of money flow are:
Income
Expenditure
Resources
Goods and services
A teacher is an example of:
Land
Labour
Capital
Enterprise
An entrepreneur who has creative ideas and takes risk is an example of:
Land
Labour
Capital
Enterprise
A business plan...
...is the same as a budget
...mainly describes the product
... is a document providing the important details of a business
...shows the business idea of a company
An entrepreneur is...
(Hint: There are 2 answers)
a person who sets up a business.
a person who takes on financial risks in the hope of profit.
a person who is employed at a successful organisation
a person who talks about his/her product interests.
Resources that we find in nature and are used without much modification are called ..................
Human Resource
Natural Resource
A need
Capital Resource
.................. resources refer to the number and ability of the people. E.g. knowledge, skill, etc.
Natural Resource
Capital Resource
Human Resource
A need
Which of the following makes up the highest percentage of an individual's income?
Salary/Wages
Stock Market Investments
Value of Real Assets Owned
"Off the Books" Cash-Only Earnings
The aim of setting up a business is to
Avoid Waste
Ensure Tangibles goods
Exempt self from austerity
Make Profit
