stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Year 8 Intro to Economics Flashcards | StudBud
Explore
/
Year 8 Intro to Economics
Year 8 Intro to Economics
18 terms
·
StudBud Administration
·
69 plays
year7 year8 economics western australia #HASS
Flashcards
18 cards
F
Practice quiz
P
Host live
L
Questions
18
Answers
1
Land is...
A human resource
A natural resource
A capital resource
A virtual resource
2
Labour in economics means...
giving birth
producing goods
a political party
human resources put in to produce goods and services
3
Which of the following consumes income & goods and services?
A business
A household
A firm
A user
4
Capital resources are...
businesses and firms
the tools, machinery or equipment required for production
producers and the things they sell consumers
the money required for production
5
Which of the following is NOT a type of economic resource?
Capital
Enterprise
Virtual
Land
6
What is the definition of a want?
Something someone needs to survive
Something someone desires but is not necessary for survival
Something someone will pay a lot of money for
Something someone desires but is necessary for survival
7
Choose an example of a service...
a bus
a drink bottle
catching a bus
makeup
8
A delivery driver is an example of a...
enterprise
labour
land
capital
9
What is the definition of a need?
Something someone wants but does not need for survival
Something someone wants
Something required for survival
Something someone thinks they need to survive
10
Choose an example of a producer...
Someone who shops at a supermarket
A farmer
A diner in a restaurant
Someone who gets a haircut
11
Identify the definition of a consumer...
A consumer is someone who runs a business
A consumer is someone who sells goods and services
A consumer is someone who provides goods or services
A consumer is someone who uses goods or services
12
The very bottom box in this model should say...
goods and services
factors of production
spending
income
13
Economics is the study of...
Producers, consumers and their interdependent relationship
Money and choices
How people use limited resources to satisfy needs and wants
Money and businesses
14
The two main parts of an economy are...
Households and businesses
Supply and Demand
Labour and Income
Citizens and Government
15
Choose an example of a consumer
A farmer
A sports fan watching a game
A supermarket
A clothing company
16
The circular flow model shows...
How businesses proudce goods and services
How money & resources flow around the economy
How households & businesses act as producers & consumers
How workers are employed
17
Choose an example of a good...
getting a key cut
a laptop
the internet
coaching a basketball team
18
Households give businesses...
Spending and goods and services
Spending and factors of production
Spending and labour
Spending and wages
