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Economics Quiz 1 - Year 7 Flashcards | StudBud
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Economics Quiz 1 - Year 7
Economics Quiz 1 - Year 7
20 terms
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StudBud Administration
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An #economics quiz to review economics glossary terms and consolidate #demand and #supply concepts.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The best example of a labour resource is
a bank
Bill Gates
iron ore
a farmer
2
A consumer is
a person who buys goods and services for personal use
someone who buys stuff
someone who makes stuff
a person who makes goods and services
3
Equilibrium occurs
When the quantity supplied is equal to the quantity demanded
When there is more supply that demand
At the same point on every supply and demand curve
When there is more demand than supply
4
This is a picture of a
equilibrium
low demand
surplus
shortage
5
A person or business that makes, provides or grows goods and services is a
consumer
producer
individual
shopkeeper
6
If the price for a good goes down, demand for a complementary good will
decrease
subsitute
stay the same
increase
7
An example of a service is
a skateboard
a builder
a chocolate bar
an orange
8
This is a picture of
equilibrium
demand and supply
a demand curve
a supply curve
9
What are goods?
Items that you can hold or touch
Items that satisfy needs and wants
Items that you can use
All of the above
10
An example of a substitute good is
A car and tyres
Bread and jam
Pepsi and coke
A torch and batteries
11
The best example of a land resource is
a forklift
a gold bar
gold that has not yet been mined
a farmer
12
When there is more supply than demand there is a
demand curve
shortage
surplus
equilibrium
13
The factors of production are
Resources, land, labour, payment
Land, labour, capital, entrepreneur
Land, income, capital, enterprise
Land, labour, capital, enterprise
14
The best example of a capital resource is
bread
a factory
Richard Branson
soil
15
Scarcity occurs because
the economic problem
of choices
of the factors of production
people have unlimited wants and limited resources
16
Which of the following are the four basic needs?
Shelter, water, oxygen, food
Oxygen, food, water, KFC
Food, clothing, shelter, water
Oxygen, water, a haircut, clothing
17
Factors that affect demand include
all of the above
expectations
consumer income
tastes and trends
18
A place where buyers and sellers come together to exchange goods and services for money is a
economic problem
market place
store
barter
19
When the price goes up...
Demand for goods increases
Producers supply more goods
20
This is a picture of
supply and demand
a demand curve
a supply curve
price and quantity
