What is the difference between Needs and Wants?

Needs are essential, Wants are not essential to survival

is an inverse relationship, increases as the price decreases

What does the term 'labour' mean?

Human activity that provides goods and services, work.

How do producers find out what consumers want?

Customer surveys, Monitor stock levels, follow trends

The basic human needs are,

Food, water, shelter, clothing, love.

Economic resources are

Land, Labour, Capital and Enterprise

It is money earnt through employment and investment.

Who is involved in the production of Milk?

Cows, farmers, trucks, processing factories and supermarkets

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Yr 7 Economics Pop Quiz

10 termsStudBud Administration634 plays

A quick Yr 7 #economics&business subject review. #consumers #producer relationship and general economic terms.

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Questions 10

Answers

1
What does a producer sell to consumers?
Time, Skill and Labour
office equipment
Fruit and Vegetables
Goods and Services
2
What is the difference between Needs and Wants?
You cant always get your wants, but sometimes what you need.
Wants are more important then needs.
Wants are essential, Needs are not essential to survival.
Needs are essential, Wants are not essential to survival
3
Consumer demand
decreases as the price decreases.
increases as price increases
is an inverse relationship, increases as the price decreases
never changes
4
What does the term 'labour' mean?
not working
An Australian political party
Human activity that provides goods and services, work.
Hard physical labour
5
How do producers find out what consumers want?
Only monitor stock levels, people never change.
They supply what they want/need, everyone has the same wants
Customer surveys, Monitor stock levels, follow trends
Trial and error, there is no other way.
6
The basic human needs are,
Food, shelter, Nikes and Netflix
Only Food and Water
Food, water, shelter, clothing, love.
Chips, Chocolate and Iphones
7
Economic resources are
Land, Labour, Capital and Enterprise
Apples, Oranges, Pears and Pineapples
Paper and pens
Consumers, Producers and the Government
8
Define income
It is money earnt through employment and investment.
It is what makes the world go round.
It is all things financial.
It is money used by consumers to purchase things.
9
Who is involved in the production of Milk?
I get it from a supermarket - do they grow it there?
cows and farmers
Cows, farmers, trucks, processing factories and supermarkets
only a cow is involved.
10
Why do producers need to be aware of what consumers want?
They need to make sure they are supplying the right products
All answers are correct!
They are trying to earn a profit
If they are not aware they might go out of business

Yr 7 Economics Pop Quiz Flashcards | StudBud