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Year 7 Economics & Business Concepts Introduction Flashcards | StudBud
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Year 7 Economics & Business Concepts Introduction
Year 7 Economics & Business Concepts Introduction
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Answers
1
What is scarcity?
The abundance of resources in an economy
The economic problem of having unlimited resources
The ability to produce goods and services
The economic problem of having limited resources
2
What is the main reason for the need to make choices in economics?
Abundance
Scarcity
Specialization
Trade
3
At what levels can an economy be measured?
State, country, and global
Local, regional, and national
Continental, national, and global
City, state, and country
4
Which of the following is an example of a specialized industry in Australia?
Agriculture
Mining
Technology
Retail
5
Which of the following is NOT a factor of production?
Capital
Land
Labour
Entrepreneurship
6
Which of the following is NOT a key indicator of economic performance?
GDP
Inflation
Unemployment rate
National debt
7
Why does Australia import most of its vehicles instead of producing them domestically?
To focus on specialized industries
To support other countries' economies
To save money
To increase competition
8
Which of the following is NOT a type of decision that may need to be made in economics?
Consumer decisions
Social decisions
Legal decisions
Employment decisions
9
Which of the following is NOT a participant in the economy?
Businesses
Producers
Consumers
Investors
10
How does scarcity impact decision-making in economics?
It limits the number of decisions that can be made
It increases the availability of resources
It forces individuals to prioritize their wants and needs
It eliminates the need for decision-making
11
Why is measuring economic performance and living standards important?
To increase national debt
To set objectives for the economy
To understand and manage the economy
To determine the value of goods and services
12
Which of the following is an example of a resource used in the production of goods and services?
Food
Clothing
Money
Water
13
What is the purpose of measuring economic performance?
All of the above
To understand problems and develop solutions
To plan for the future
To set objectives for the economy
14
What is the purpose of setting objectives for an economy?
To plan for the future
To measure economic performance
To understand problems and develop solutions
To improve living standards
15
What is the term for the ability to import or export goods or resources to or from another country?
Specialization
Trade
Decision-making
Evaluation
16
Which of the following is NOT a type of economic decision?
Financial decisions
Business decisions
Consumer decisions
Political decisions
17
What is interdependence in an economy?
The independence of producers and consumers
The ability to produce everything for oneself
The distribution of scarce resources among businesses
The reliance on others to satisfy wants and needs
18
Which country is known for its specialized mining industry?
Australia
Germany
United States
China
19
Which category of resources includes human resources such as workers?
Entrepreneurship
Land
Capital
Labour
20
Which of the following is NOT a result of scarcity?
Limited decision-making
Limited resources
Limited choices
Limited wants and needs
21
What is the process of evaluating alternatives and weighing the costs and benefits to make a decision called?
Evaluation
Decision-making
Trade
Specialization
22
What is the concept of allocation?
The reliance on price to determine production and consumption
The exchange of goods and services in a market
The distribution of scarce resources among producers
The distribution of goods and services among consumers
23
How does the market economy determine resource distribution?
Through price determination
Through equal distribution among all participants
Through random allocation
Through government intervention
24
What are material living standards?
Access to facilities and free elections
All of the above
Freedom and low crime levels
Access to physical goods and services
25
Which category of resources includes natural resources such as coal and water?
Land
Capital
Labour
Entrepreneurship
