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Year 7 economics revision Flashcards | StudBud
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Year 7 economics revision
Year 7 economics revision
36 terms
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A #economics #revision task
Flashcards
36 cards
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Practice quiz
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Questions
36
Answers
1
What is a profit?
When you make money
All of the above
The leftover money after all costs have been paid.
A funny word.
2
What does finances mean?
Anything to do with money
someone who is engaged
An unlimited amount of something
businesses
3
Why do people work?
Don't qualify for centrelink
Illegal not to
they are greedy
Income, provide for family, socialise, new skills
4
What is the Australian economy?
Free range chicken laws
Australian money issues
How the world works
Australian, producing, distribution of goods and services
5
What is a producer?
A person/company that makes goods and services
A table
A business
A business that sells goods and services
6
A market is any organised exchange of goods and services for money. Can be physical or online.
True
False
7
Consumers and producers are interdependent
True
False
8
What is expenditure?
Examining social trends
All of the above
Money spent on goods and services
business sales
9
Which of the following is
NOT
a reason the employment rate changes?
Halloween
Christmas
School Leavers
Strong economy
10
Consumers use _______ to purchase
goods
and
services.
manners
monopoly money
money, cards and cheques
bribery
11
How do businesses determine prices?
RRP
All of the above
Quotes and percentage markup
Price leaders and pricing to what the market bears
12
What is the definition of a good?
Human actions done for you to satisfy needs and wants.
Mr Williamson
Physical items that satisfy our needs and wants.
A person who buys stuff
13
Which are examples of entrepreneurial behaviours?
Being unoriginal
Stealing others ideas
Enterprise and initiative
Innovation and establishing a shared vision
14
Employees receive money in the form of ______ for their
labour.
chocolate
wages
dirt
cash
15
What does RRP stand for?
Rare Retail Product
Retail Ruins Pricing
Recommended retail price
Red Rooster Pie
16
What is an example of a need?
Armchair
iPhone X
Food
Water
17
What is a consumer?
Final user of goods/services in an economy
Provider of goods/services
A business
Someone who eats a lot
18
What is the definition of retail?
Businesses and the money that they make
Discounts
Sale items at Myer
Business that sells goods and services to consumers
19
Consumers provide businesses with their _______ in the production of
goods
and
services.
labour
money
homes
magic dust
20
I can get the grade I want without studying
True
False
21
What is a want?
Needed for human survival.
Things we desire and are non-essential for life
We have an infinite amount of wants
22
Price leader set the prices instead of follow the prices set by others
True
False
23
What is the definition of a service?
People who make food
Actions done for you that satisfy needs and wants
A physical thing.
Nutella
24
Which of the following is
NOT
an example of a long-term financial goal?
Budgeting
Retirement fund
Investing in shares
Buying a house
25
Which of the following is
NOT
an example of a short-term goal
Setting goals
Budgeting
Saving
Retirement fund
26
What are short-term financial goals?
Goals to spend a lot
goals for the rest of your life
Aim to save 5 cent coins
Goals to save money in the near future e.g. year
27
What is the definition of labour?
giving birth
volunteering
performance of physical/mental tasks in exchange for money
a political party
28
How do you pronounce Nike?
Nii Kee
Niiike
29
What is a budget?
Fidget Spinners
an estimate of future income and expenses
A loan from a bank
Slime
30
What is an example of a price leader in the supermarket industry?
Target
Local produce store down the road
Coles and Woolies
IGA
31
Businesses, as producers, make or supply
_______
which are purchased by
consumers
goods
games
money
gagets
32
What is a price quote?
A famous line by someone famous.
A line in a song
An estimate of the costs involved in a job plus a profit.
What Mr Williamson teaches us
33
Consumers will get quotes from a number of _______ businesses before choosing the best one.
competing
clever
silly
different
34
Why are people willing to pay higher prices for in-demand products
Latest technology
They earn far too much money
They are greedy
Scarce - they are worried it will run out of stock
35
What is an entrepreneur?
Person willing to take risks to starting up own business
an average business owner
a smart person
someone who translates languages
36
What is a business?
someones personal life
an organisation that provides goods and/or services for $
money, money, money, money, money
A place that is really busy
