Every one is a consumer and

only those doing paid work are producers

To have a happy, fulfilled, lovely life you'd need

your needs satisfied and some of your wants suppled

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Duplicate of ECONOMICS: The Bare Basics

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BASIC ECONOMIC CONCEPTS FOR JUNIOR SECONDARY

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Questions 20

Answers

1
A good example of a need is
soft drink
food
the latest clothing fashions
good wifi
2
Which of these is a want
a simple meal of meat & vegetables
a roof that doesn't leak water when it rains
a warm jumper in winter
a pair of Nike Kobe Xs
3
Manufacturing provides us with
goods
all of these
meat
services
4
A service, once performed
might change people in certain ways
are gone
the results can sometimes be seen
all of these
5
Our needs are limited, but most people have _____________________________ wants
many
unlimited
numerous
all of these
6
Every one is a consumer and
only those doing paid work are producers
all of these
retired people are the main producers
everyone is a producer
7
Agriculture provides us with
all of these
food and other useful products
useful services
only food
8
Economics is essentially about the _______________ ______________ of goods & services
production & consumption
creation & distribution
making & provision
all of these
9
Wants are the 'things' we'd like to have/use or consume but
make our lives more interesting
aren't essential for our survival
give us a more fulfilling life
all of these
10
Why is air not on the needs list, after all it is essential for us to exist??!!!
the government supplys it
the oxygen in the air we pay taxes for
all of these
it is free, provided by nature
11
Needs are the 'things'
all of these
essential to our survival
presents we get from family & friends
provided to us by the government
12
Which of the following is a need
Beer
Coca Cola
Potable water
Coffee
13
If only our wants were supplied
all of these
we'd all die of starvation
we wouldn't need to use our imaginations at all
life could be quite boring
14
The system that provides us with the goods & services we need and want is the
economy
Solar system
natural environment
manufacturing sector
15
A service is
all of these
is some paid work someone does for someone else
are intangible
the performance of any duties or work for another
16
Which of the following are needs
food & drink
clothing
shelter
all of them
17
It is usually said that, "Wants are _____________________________________"
limited to food, clothing & shelter
unlimited
finite (or goodnight)
the same as needs
18
To have a happy, fulfilled, lovely life you'd need
only your wants satisfied
your needs satisfied and every want you could wish for
all the 'thing's you want provided
your needs satisfied and some of your wants suppled
19
A good
all of these
has a physical presence
can be seen
has mass & volume
20
This is an example of a
good
agricultural production
service
fishing

Duplicate of ECONOMICS: The Bare Basics Flashcards | StudBud