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Year 7 Economics Flashcards | StudBud
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Year 7 Economics
Year 7 Economics
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Answers
1
People who buy goods and services are called:
Producers
Consumers
Businesses
Exporters
2
What is a tenant?
A person who is paying money to live in someone elses house.
Someone who owns a share in a compan.y
Someone who builds tents.
A person who owns a car.
3
What is a market?
A place where buyers and sellers interact and exchange things of value.
A place where goods are made.
A type of instrument.
A shop that sells dresses.
4
Which of the following is a consumer right?
To not be allowed to exhange or refund a product.
To receive a used product.
To not be allowed to make a complaint.
To receive a product that matches its description.
5
When goods are shipped out of Australia to another place, it is called..
Sailing
Exporting
Importing
Emailing
6
What does this logo represent?
The product is Australian Made.
The product could contain traces of kangaroo.
The product has been tested on animals.
The product is recyclable.
7
Businesses have the responsibility to pay their staff correctly.
True
False
8
The retail market can be available online.
False
True
9
What is exchanged in the labour market?
Builders exchange their tools for workers.
Goods are exchanged for money.
Skills and knoweldge are exchanged for money (a wage).
Houses are exchanged for money.
10
What are the four markets within the Australian Economy?
Housing market, building market, banking market, clothes market.
Sneaker market, labour market, food market and car market.
Retail, labour, stock and financial markets.
Fruit market, vegetable market, meat market, and fish market.
11
How does a landlord make money?
Sells and/or rents out their houses.
Fixes and sells cars.
Sells shares of companies.
Works as a builder.
12
What is sold on the stock market?
Employee skills
Animals
Cars
Shares of companies
13
In the financial market, what is interest?
A bank.
The fee added onto money that is borrowed from the bank.
A share of ownership of a company.
A type of payment method.
14
A sustainable business..
Uses single use plastics.
Makes choices to reduce their environnmental impact.
Is not concerned about the environment.
Does not recycle their cardboard.
15
Mechanics provide a service.
True
False
16
Who does welfare payments support?
All of the above
Unemployed people
People who have a disability
Single parents
17
Supply refers to..
The amount of goods and services available for consumers.
The cost of a product.
The weight of a good.
How much a consumer is willing to pay for a good or service.
18
A need is
Something essential for you to survive, eg. Water or Food.
Something really important to you, like your pets.
Something you don't want to live without.
Something that you really want, like a new phone.
19
What is demand?
The amount of a product that is available for consumers to buy.
A business's responsibility.
A bad review left by a consumer.
A consumers desire for a product or service.
20
Building roads and public transports systems is providing:
Interior Structure
Infrastructure
Post Structure
Infrainterior
