Year 8 Economics Quiz- testing knowledge acquired this term!

Question 1

True or false: The school is a service provider?

Accepted Answer

True

Question 2

How can we ensure we get the best priced goods?

Accepted Answer

Check catalogues and websites

Question 3

What does supply mean?

Accepted Answer

The amount of products producers have to sell on

Question 4

What are some services the government provides in Australia?

Accepted Answer

schools, transport and hospitals

Question 5

Learning about the economy is fun, important and worthwhile!

Accepted Answer

True!

Question 6

What is the meaning of consumers?

Accepted Answer

person or a group thats the final user of goods & services

Question 7

True or false: everyone in this classroom is a consumer?

Accepted Answer

True!

Question 8

If I want to ensure I make a profit on my goods I might:

Accepted Answer

cut back on the production costs

Question 9

Which of these is a need not a want?

Accepted Answer

food

Question 10

What is the definition of a producer?

Accepted Answer

those who are making goods & service

Question 11

If you were setting up a business which of these would you always need to consider?

Accepted Answer

location, demand and production costs

Question 12

True or false: If you sell fruit to IGA you are adding to the economy?

Accepted Answer

True!

Question 13

Why might people need welfare?

Accepted Answer

cannot find work due to being disabled

Question 14

All consumers are protected by:

Accepted Answer

consumer law

Question 15

True or false: our public trains are a service provided to us

Accepted Answer

True!

Question 16

Why is it a good thing (for buyers) when markets are competitive?

Accepted Answer

Prices may drop to meet the competition

Question 17

How does giving people welfare payments put back into the economy eventually?

Accepted Answer

When they buy things they support businesses

Question 18

What does demand mean?

Accepted Answer

the amount of products buyers want to purchase

Question 19

Which of these is a want not a need?

Accepted Answer

fancy shoes

Question 20

If the amount of demand is less than the amount of supply it's called:

Accepted Answer

surplus

Questions 20