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WorksheetsYear 7 HaSS Formative Quiz WK 1 & 2
Total questions: 30
Worksheet time: 16mins
Oliver and Evelyn are discussing economics. What economic problem arises because resources are limited?
Inflation
Scarcity
Unemployment
Surplus
Hey class! Michael, Abigail, and Scarlett are discussing economics. Can you help them figure out which of the following is NOT considered an economic resource?
Land
Labour
Capital
Weather
In the exciting world of the circular flow of income model, can you help Jackson and Olivia figure out what households provide to businesses?
Goods and services
Economic resources
Taxes
Government spending
Benjamin and Samuel are discussing economics. Samuel asks, 'Benjamin, do you know what opportunity cost is?'
What is Benjamin's response?
The cost of the next best alternative foregone
The total cost of all alternatives
The cost of production
The cost of goods and services
Harper and Aria are discussing different types of resources in their economics class. Can you help them identify which of the following is an example of a capital resource?
A factory building
A worker
A natural forest
A government policy
In the exciting world of the circular flow of income model, what do businesses provide to households? Imagine Abigail, Benjamin, and William discussing this in class!
Wages and salaries
Economic resources
Taxes
Government services
Emma and Rohan are discussing economics. Which of the following best describes labour as an economic resource?
Natural resources used in production
Human effort used in production
Machinery and equipment used in production
Financial capital used in production
Imagine you're in a bustling economy with Jackson, Benjamin, and Arjun. What does the circular flow of income model illustrate?
The flow of money and resources in an economy
The process of inflation
The causes of unemployment
The impact of government policies
During a class discussion, Avery asked: 'Which of the following is an example of a natural resource?'
A computer
A river
A teacher
A bank loan
Imagine Arjun, Anika, and James are part of a bustling economy. In the circular flow of income model, what do they receive in exchange for providing their valuable economic resources?
Goods and services
Income
Taxes
Government subsidies
Emma and Benjamin are deciding how to spend their evening. Which of the following is an example of an opportunity cost?
Choosing to study instead of going to a party
The total cost of groceries
The price of a movie ticket
The cost of a new car
In the exciting world of the circular flow of income model, what crucial role do households like Mason's and Maya's play?
They produce goods and services
They provide economic resources and consume goods and services
They collect taxes
They regulate the economy
Rohan, Benjamin, and Arjun are discussing economics. Which of the following best describes the concept of scarcity?
Unlimited resources and limited wants
Limited resources and unlimited wants
Equal resources and wants
Surplus of resources
In the circular flow model, what role do households like Olivia's and Mia's play?
produce goods and services
consume goods and services
regulate the economy
distribute resources
In the circular flow model, what role do firms like Aiden's Awesome Gadgets play?
consume goods and services
produce goods and services
regulate the economy
distribute resources
Aria and David are discussing the basic economic problem that all societies face. Can you help them figure it out?
Inflation
Scarcity
Unemployment
Recession
Hey class! Hannah, Abigail, and Ethan are discussing economics. Can you help them figure out which of the following is a factor of production?
Money
Labor
Technology
Government
Hey Aria, Ethan, and Charlotte! Can you guess what a 'good' is in economics?
A service that is very popular.
A physical item that is produced and can be sold.
A type of currency.
A beneficial economic policy.
Imagine Liam, Mia, and Priya are at a carnival, and they all want a special toy that's in limited supply. What does it mean if this toy is described as "scarce"?
There is more of the toy available than people want.
The toy is available in unlimited quantities.
There is less of the toy available than people want.
The toy can only be found in certain locations.
Zoe and Noah are deciding whether to spend their afternoon playing video games or doing homework. This decision is an example of what economic concept?
Supply and Demand
Goods and Services
Opportunity Cost
Scarcity
Aria, Grace, and Arjun are discussing: What is economics really about?
money
choices
adulting
education
Imagine Harper, Anika, and Charlotte are figuring out how to get what they need and want by making choices. What is this study called?
Need
Economics
Service
Business
Benjamin and Elijah are on a survival adventure. What is something they absolutely cannot live without?
Land
Food
Need
Want
Ava and Isla are discussing economics. Can you help them figure out: What are the factors of production?
Land, Labor and farming
Land, Labor, Capital and Entrepreneurs
Logging, Production, Service and Farming
Imagine Harper is at a market and wants to buy her favorite snack. What is the term for the desire or willingness she has to purchase it?
shortage
supply
price
demand
Hey class! James and Jackson are having a debate. Can you help them out? What is the definition of specialisation?
The concept of people having unlimited needs and wants, but limited resources.
Using resources to benefit the economy.
When businesses or countries focus on one task or on making one product.
When two or more people affect or depend on each other.
The two-way relationship between consumers and producers is called?
(a)
Expenditure is consumer spending. True or False?
TRUE
FALSE
What is a service?
A physical item that you can touch.
A type of food.
An activity someone does for someone else.
A kind of animal.
If a farmer decides to use his field to grow carrots instead of potatoes, what is the opportunity cost?
The money he makes from selling the carrots.
The carrots.
The potatoes he cannot grow.
The field.
