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Year 7 Economics Revision Flashcards | StudBud
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Year 7 Economics Revision
Year 7 Economics Revision
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year7 economics western australia
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Choose an example of a service...
makeup
catching a bus
a bus
a drink bottle
2
Economics is the study of...
Money and businesses
How people use limited resources to satisfy needs and wants
Money and choices
Producers, consumers and their interdependent relationship
3
What is the definition of a need?
Something required for survival
Something someone thinks they need to survive
Something someone wants but does not need for survival
Something someone wants
4
Capital resources are...
the money required for production
producers and the things they sell consumers
businesses and firms
the tools, machinery or equipment required for production
5
Choose an example of a consumer
A clothing company
A sports fan watching a game
A farmer
A supermarket
6
Opportunity Cost is...
money you pay for an opportunity
When you give up one decision to do another
when you value one action over another
a useful decision making strategy
7
What is the definition of a want?
Something someone desires but is not necessary for survival
Something someone desires but is necessary for survival
Something someone needs to survive
Something someone will pay a lot of money for
8
Which of the following is NOT a type of economic resource?
Capital
Human
Virtual
Natural
9
Labour in economics means...
giving birth
human effort put in to produce goods and services
producing goods
a political party
10
Identify the definition of a consumer...
A consumer is someone who provides goods or services
A consumer is someone who runs a business
A consumer is someone who uses goods or services
A consumer is someone who sells goods and services
11
Land is...
A human resource
A capital resource
A natural resource
A virtual resource
12
Define scarcity
the Circular Flow of Income
when someone scares someone else
The state of having a limited or short supply or resources
when entrepreneurs lose money from their businesses
13
Choose an example of a good...
coaching a basketball team
getting a key cut
the internet
a laptop
14
A delivery driver is an example of a...
natural resource
capital resource
human resource
15
Which of the following consumes income & goods and services?
A business
A user
A household
A firm
16
A rare or unusual resource will...
will cost triple the amount of a common item
will be priced equal to common items
usually cost less than common items
will usually cost more than common items
17
The circular flow model shows...
How workers are employed
How households & businesses act as producers & consumers
How businesses proudce goods and services
How money & resources flow around the economy
18
Choose an example of a producer...
A diner in a restaurant
Someone who gets a haircut
A farmer
Someone who shops at a supermarket
19
Economics is mainly about...
needs and wants
choices
money
businesses
20
The two main parts of an economy are...
Supply and Demand
Citizens and Government
Households and businesses
Labour and Income
