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Year 7 Economics and Business Flashcards | StudBud
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Year 7 Economics and Business
A consumer is someone who...
Consumer Guarantee is.....
Year 7 Economics and Business
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1
Consumer Guarantee is.....
Consumers will always get a good deal.
Consumers will always get a bargain
Consumers can be lucky with what they buy.
When consumers buy something it will work.
2
A consumer is someone who...
Buys good and/services
Mows the Neighbours lawns.
Makes soap to sell.
Eats a lot
3
The way price can affect supply and demand of goods and services is called....
Inflation
Investment
Price Mechanism
Bad Luck
4
The Housing Market is......
Where houses and bought and sold
Places where people shop
Where people can buy and sell stock
Where people get paid for doing jobs
5
An example of needs are.....
Food, Shelter and Clothing
Mac computer, food and Netflix
Shelter, mobile phone and a new football
Food, Nike shoes and a Big Mac
6
Law of Demand: When prices are cheap- Consumers will not buy.
True
False
7
Needs and Wants can make Economic Choices Tricky?
True
False
8
A Producer is someone who...
Makes Movies
Loves Shopping
Make and sells goods and/or services
Works in a Veggie store
9
A market is where buyers and sellers interact with one another to exchange things of value.
True
False
10
When making decisions Individuals consider level of satisfaction and Businesses profit?
False
True
11
Opportunity cost is...
Getting a bargain
Missing out on something when making choices
Having the chance to make a lot of money
The cost of doing something
12
Choosing one option over another option, we often miss out of something- this is called bad luck?
True
False
13
Some of our responsibilities as a Consumer includes....
Ethically Consume less and Buy local
Not reading or following instructions
Fairtrade and getting the best deal
Always buy online from China
14
When making Economic Choices you need to consider....
What you really want.
How much money you have
Pros and Cons and Opportunity Cost
What your friends are doing
15
Law of Supply: The higher the price of the product, the more supplier wants to produce and sell.
False
True
16
This happens when our wants are unlimited and the resources required are limited.
Climate change
Community Protests
Relative Scarcity
We can buy everything we want
17
Two government bodies that protect the rights of Consumers are....
Fairwork and WorkSafe
Liberal Party and Labour Party
ACCC and Consumer Affairs Victoria
Police Force and Fire Fighters
18
Fairwork Australia and Job Keeper are examples of the Government influence on the Housing Market?
False
True
19
Markets only happen in a physical location.
True
False
20
Goods are.....
A famous football family
The actual products you can buy
Someone who is being good.
Getting you hair cut.
21
Services are.....
A new pair of shoes
Church service
The actions that someone wants and will pay for.
A kilo of Pink Lady apples
22
The Labour Market is..
Where Daniel Andrews shops
Where workers sell their skills to employers.
Where houses are rented
Where you buy and sell cars
