WorksheetsYear 8 Econs & Business - Weeks 1-2
Total questions: 50
Worksheet time: 50mins
The term to describe the problem of people having unlimited needs and wants, but limited resources, forcing people to make choices.
Scarcity
Trade
Standard of Living
Human Resources
What does it mean when something is scarce?
Which of the following is not a need?
Water
Food
Shelter
Hair dye
Which of the following is not a want?
iPhone
Swimming pool
Water
Laptop
The system in which goods and services are exchanged
Barter
Currency
Market
Resource
How much people want a good/service
Supply
Demand
How much of a good/service is available
Supply
Demand
How much of a good or service is available AND how much people want it.
Scarcity
Specialization
Supply and Demand
Standard of Living
If there are only 100 televisions on sale and 200 people want to buy TV's, it is a problem of ____.
desire
demand
supply
scarcity
Something we pay to use for a certain amount of time
services
goods
The basic economic problem is concerned with
maximizing satisfaction
Limited resources
limited wants alone
How best to allocate scarce resources in order to satisfy people’s unlimited needs and wants
Which of these is not a decision which is made to solve the basic economic problem?
What to produce
How to produce
Why to produce
For whom to produce
The selection of an item or action from a set of possible alternatives
economics
scarcity
resources
choice
What happens every time we make an ecnomic decision?
We win!
We experience an opportunity cost
We experience an opportunity loss
We experience an opportunity cost of multiple other options
When you have to make a choice, this is the best of the options that you DIDN'T pick. It's what you had to give up in order to go with the choice that you made.
Trade
Monetary Cost
Interdependence
Opportunity Cost
A country raises the school leaving age from 15 to 17 years.
What is the opportunity cost of this increased period of school education to the young people affected?
costs of training and employing more teachers
financial help necessary for school leavers who go to university
government expenditure on building extra classrooms
lost income from paid employment because of school attendance
You are having a difficult time deciding if you should spend your money on tickets to see a new movie or going to the footy with your friend. You decide to go to the movies, so footy with your friend would be considered an opportunity cost.
True
False
Alex is studying for his HASS test, but his favorite TV show just started. If he studies for the test, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the test. What is the opportunity cost of his decision?
studying for a quiz
watching TV
eating dinner
taking a nap
What do we call all of the resources required to produce good and services?
economics
consumption
factors of production
scarcity
Which of the following is not a factor of production?
Money
Labour
Capital
Entrerprise
The kind of resources that are provided by Earth - like water, air, soil, solar energy, etc.
Land Resource
Capital Resource
Labour Resource
A business's ability to combine labour, land and capital to make a profit
enterprise
production
consumption
resources
The buildings, machines, tools and money that businesses use to make products
Capital resources
Labour resources
Land resources
Entrepreneurs
Water is an example of which factor of production?
Capital
Land
Labour
Enterprise
A person bought a shop and stocked it with fresh fruit. He employed one member of his family to help in the shop.
Which factors of production have been used?
Labour and capital
Labour, capital and enterprise
Land and labour
Land, labour, capital and enterprise
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
Which of the following is not a type of economic system?
Mixed
Market
Command
Supermarket
Economic system that is a combination of command and market systems
Traditional
Command
Market
Mixed
Economic system in which decisions are based on customs and religion
traditional economy
mixed economy
command economy
free market economy
Economic system based on supply and demand with little or no government control
traditional economy
mixed economy
command economy
market economy
Economic system in which decisions are made centrally by a government
traditional economy
mixed economy
command economy
market economy
Which of these is not one of the sectors on the circular flow model?
finance sector
household sector
online sector
business sector
The individuals and consumers who work for businesses are part of which sector?
The Business Sector
The Household Sector
The Government Sector
The Financial Sector
What do businesses provide to the households in the circular flow model?
labour
income
goods/services
income and goods/services
The finance sector earns money from ___________________ made by households.
tax
dividends
savings
shares
The finance sector spends money by _________________ in businesses and governments.
working
diving
taxing
investing
Governments earn money from _________________ households and firms.
stealing from
working with
trading with
taxing
Governments spend _________________ on producers/businesses to boost production and spending in the economy.
labour
goods and services
money
capital
Which of the below would most likely be a way that the government spends money in the circular flow model?
cars for citizens
providing schools and hospitals
buying houses
creating TV shows for Netflix
Which of the following is a leakage (money leaving the economy)?
Investment
Government spending
Imports
Exports
Which of the following is an injection (money entering the economy)?
Savings
Investment
Taxes
Imports
