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Economics and Business Exam Revision Flashcards | StudBud
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Economics and Business Exam Revision
Economics and Business Exam Revision
33 terms
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Year 7 Economics and Business Study 2023
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
Label the missing part of this diagram?
Resources
Consumer and Producer
Real Flow
Consumer Expenditure
2
What is opportunity cost?
The benefits lost when deciding not to buy something
When a choice must be made, the other alternative is given up
the value of all the alternatives not taken
The cost of making a purchase
3
What is the definition for a service?
Attending Chapel
Enrolling in the Army
A product that a person can consume, that satisfies their needs or wants
Physical actions performed, which satisfies consumer needs and wants
4
What are the
4
charcteristics of an entrepreneur?
Innovative, brave, motivates others, friendly
Boring, lazy, rude, disrespectful
Innovation, initiative, self-motivation, willingness to take risks
funny, friendly, mature, self-motivated
5
Which is a form of earned income, represented in the circular flow of income model
Salaries/Wages
All of the above
Rent
Interest
6
Which of the following is
not
an example of a want?
Chocolate
iPhone
Video game
Water
7
What is consumer sovereignty?
Prices are set by competitive firms
How the needs and wants of consumers control what is produced/sold by firms
How consumers try to find the best prices and deals
How firms make products which then attract demand
8
Label the missing part of this diagram?
Real Flow
Money Flow
Households
Producers
9
Label the missing part of this diagram?
Goods and Services
Supply and Demand
Wants and Needs
Money Flow
10
What is the definition of a need?
Something cosumers can survive without
Something you must have for survival
11
What is an entrepreneur?
Someone who cosumes goods and services
A French Person
Someone who sets up a innovative business
Someone who works for a business
12
When a producer sets a price, they must consider:
All of the above
Cost of producing product
Profit level for the firm
Demand from the cosumers
13
What are the 2 ways a firm can respond to changing demands?
Giving up and completely changing everything
Firms won't change for the demands, they will remain the same
Altering their products and introducing new options
14
What are the 4 factors of production (resources)?
Land, Labour, Capital, Enterprise
Land, Labour, Producer, Consumer
Needs, Wants, Capital, Enterprise
Goods, Services, Capital, Enterprise
15
What is the definition of demand?
Demand is the amount of a good or service available
Demand is the level of desire or need for a good or service
16
Which is
not
an example of a 'good'?
Food
Skateboard
Handbag
Dentist
17
What is the definition of 'fair trade'?
Swapping your Halloween lollies with a sibling
Consumers are paid the fair amount to consume the item sustainably
Procuders are paid the fair amount to produce the item sustainably
18
What is the definition for a good?
Describes how you feel
A product that a person can consume, that satisfies their needs or wants
An action of helping or doing work for someone
19
What is the economic problem?
Unlimited wants + unlimited resources
Limited wants + limited resources
Unlimited wants + limited resources
Limited wants + unlimited resources
20
What is the definition of a consumer?
Someone who buys a lot of food
Provides goods and services to others
Someone who eats food
Any person who buys/uses goods and services to satisfy needs and wants
21
What is the definition of a producer?
Fresh fruit and vegetables
Someone who buys goods and services
Someone who makes/provides goods or services.
Someone who funds Broadway musicals
22
What is the 'law of demand'?
Consumers wish to purchase goods and services at the highest price possible
Consumers wish to purchase goods and services at the lowest price possible.
23
Label the missing part of this diagram?
Firms
Consumer
Households
Income
24
What is the definition for business?
A condition of having lots to do
Place to get money
Study of choices
A place which provides goods & services to satisfy peoples wants & needs
25
Label the missing part of this diagram?
Payment
Income
Resources
Money Flow
26
What is the definition of a want?
Something cosumers can survive without
Something you must have for survival
27
What is the definition for supply?
The level of desire or need for a good or service
The amount of a good or service available
28
What is scarcity?
goods that are really really expensive
goods that are not wanted.
the state of being plentiful.
the state of being in short supply (limited resources)
29
What are the 2 examples in the textbook for responding to changing consumer demand? pg. 44-45
Fair trade (Cocoa beans/chocolate) and Reuseable Cups/Bottles
Fair trade (fruit) and Reuseable straws
Fair trade (coffee beans) and Pollution
30
Label the missing part of this diagram?
Money Flow
Needs and Wants
Resources
Supply and Demand
31
What is economics?
Fancy name for money
Study of money
Study of choices people make to satisfy their unlimited wants.
Study of numbers
32
Which of the following is
not
a ‘need'?
Shelter
Movie Tickets
Food
Water
33
Is Economics and Business a social science?
True
False
