Grade 7 Economic Management science term 1

No one in the household plays a big part in the economy.

All businesses that are not registered and do not pay tax such as street vendors are:

Internet banking saves time and travelling costs.

VAT is the type of tax some businesses charge on goods and services.

ATM stands for:

Livestock such as cows and sheep were the first form of money

In traditional societies, people survived with what they had because there was no money.

The main aim of starting a business is to make profit.

Bartering is the exchange of goods with other goods using money.

Durable goods last for a long period of time.

Informal business is registered and pays tax

A business that renders / offers services to the people is called:

Banks such as Capitec, Standard bank, FNB etc are called?

Economic goods are goods that we cannot pay for such as air and sunlight.

Large formal businesses such as ______ have more resources.

At the Automated Teller Machine (ATM) we withdraw and deposit money.

Goods from nature such as fruits & vegetables, eggs, milk, wool and minerals are called:

Something that there is not a lot of such as oil, or something that we cannot easily replace is:

Food is an example of wants.

Cowrie shells were first used as money in America

The business plays a major role to the society.

Consumers are people who buy goods and 8se then.

Natural disasters have a negative impact on businesses.

In traditional societies, people survived by hunting and farming.

The first coins with the familier round shape we see today were made in 700 BC from.

Labour is the work done by electronic machines.

Health services, transport service, education services, safety and security services are examples of:

Secondary needs are person's needs to feel safe, loved & happy

SARB stands for South African Reserve Bank.

A business that renders/ offers services to the people is called trading business.

Currency is the type of money used in a specific province.

Formal business pay tax

Large formal businesses such as Street vendor businesses have more resources.

The South African currency is Dollars$

Money helps to pay for_______

______are things that we cannot live without.

Manufacturing is an act of producing goods from existing man- made goods.

Land, water, plants, soil, sunshine etc are examples of natural resources.

SABC stands for

_______ is An advantage of the bartering system:

Trade beads were imported from foreign countries in exchange for gold from.

Non- durable goods are goods that does not last long.

Wants are things that we need in our daily lives in order to service.

A disadvantage of using the internet banking and buying includes:

PIN stands for personal identity number

Credit cards were first issued by woman's club.

Primary needs are physical needs that people need to survive such as air and water.

People start businesses to satisfy needs and wants of consumers.

Electronic banking does not make life easy at all.

Unlimited resources are always available.

_____are goods that we cannot pay for such as air and sunlight.

The South African currency is

Banks such as Capitec, Standard bank, FNB etc are called commercial banks.

Money helps to pay for goods and services.

The 2 main bank cards issued at the bank are blue card and credit card.

ATM stands for Automated teller machines.

VAT is another tax that businesses charge on goods $ service. It stand for:

At the Automated Teller Machine (ATM) we:

Land, water,plants, soil, sunshine etc are examples of:

Resources made by people on the long run are called natural resources.

It is important for everyone to know how to use electronic banking.

Private services are paid for by consumers.

Public services are not directly paid for by consumers

In bartering, we exchange something of value with something of equal value.

In traditional societies, people survived by.

Resources are not needed in production

Needs are things that we cannot live without.

Most businesses no longer pay workers in cash for security reasons. It is important for everyone to learn how to use

____is a business that makes goods from raw or processed materials:

The 2 main bank cards issued at the bank are

In bartering we exchange something of ____ with something of ______

Informal businesses are businesses that are not registered and do not pay tax such as street vendors.

Free goods are the types of goods that we pay for.

Recycling is a process of using new resources to produce item.

VAT stands for Value Added Tax.