The Factors of Production are...

Capital, Enterprise, Land, Labour

Rare or unusual resource will...

will usually cost more than common items

when producers are paid fairly to reduce poverty

The state of something being in limited or short supply

business owners/managers whose ideas make businesses profit, innovative, self-motivated, risk takers

Identify the definition of a consumer...

A consumer is someone who uses goods or services

Opportunity Cost is...

a useful decision making strategy, When you give up one decision to do another, when you value one action over another

the tools, machinery or equipment required for production

What is the definition of a need?

Something required for survival

If the price of a product is too low...

consumer demand may be GREATER and profits will suffer

a limited and natural resource that cannot be man-made

the ability to produce goods/services and make a profit

If the price of a product is too high...

consumers will not buy it & profits are lost

Economics is the study of...

How people use limited resources to satisfy needs and wants

Labour in economics means...

the human effort put in to provide/make goods and services

Interdependent means...

When two (or more) people or things depend on one another

What is the definition of a want?

Something someone desires but is not necessary for survival

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Economics Basics Year 7 WA

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year7 economics western australia

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Questions 26

Answers

1
The Factors of Production are...
Consumer, Entrepreneur, Land, Labour
Consumer, Enterprise, Land, Labour
Capital, Entrepreneur, Land, Labour
Capital, Enterprise, Land, Labour
2
Rare or unusual resource will...
will usually cost more than common items
will cost triple the amount of a common item
usually cost less than common items
will be priced equal to common items
3
Fair Trade is
when consumers pay less for goods and services
when consumers are paid fairly to reduce poverty
when producers are paid fairly to reduce poverty
the resource provided when people do work
4
Define scarcity
the Circular Flow of Income
The state of something being in limited or short supply
when entrepreneurs lose money from their businesses
when someone scares someone else
5
Entrepreneurs are...
business owners/managers whose ideas make businesses profit
innovative
self-motivated
risk takers
6
Choose an example of a service...
a drink bottle
catching a bus
makeup
a bus
7
Identify the acronym for the Factors of Production...
CILL
TFOP
SELL
CELL
8
Identify the definition of a consumer...
A consumer is someone who uses goods or services
A consumer is someone who sells goods and services
A consumer is someone who runs a business
A consumer is someone who provides goods or services
9
Opportunity Cost is...
a useful decision making strategy
money you pay for an opportunity
When you give up one decision to do another
when you value one action over another
10
Capital Goods are...
the tools, machinery or equipment required for production
producers and the things they sell consumers
businesses and firms
the money required for production
11
What is the definition of a need?
Something someone thinks they need to survive
Something someone wants but does not need for survival
Something required for survival
Something someone wants
12
The relationship between a producer and a consumer can be described as...
Interdependent
Intodependence
Independent
Introdependent
13
The two main parts of an economy are...
Producers and Consumers
Labour and Income
Citizens and Government
Supply and Demand
14
If the price of a product is too low...
consumer demand may be GREATER and profits will suffer
consumer demand may be LESS and profits will suffer
15
Choose an example of a good...
the internet
coaching a basketball team
a laptop
getting a key cut
16
Land is...
unlimited
a limited and natural resource that cannot be man-made
a capital good
everywhere
17
Enterprise is...
the ability to produce goods/services and make a profit
the name of the ship in Star Trek
a prize you get for entering a competition
what entrepreneurs do
18
A synonym for a consumer could be...
A household
A business
A user
A firm
19
If the price of a product is too high...
consumers will not buy it & profits are lost
consumers will buy it & profits are made
20
Choose an example of a producer...
Someone who shops at a supermarket
A farmer
Someone who gets a haircut
A diner in a restaurant
21
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
22
Labour in economics means...
the human effort put in to provide/make goods and services
a political party
giving birth
producing goods
23
Interdependent means...
Economics
capable of thinking or acting for oneself
Looking after
When two (or more) people or things depend on one another
24
Economics is mainly about...
needs and wants
money
choices
businesses
25
A synonym for a producer could be...
A person
A household
A business
A firm
26
What is the definition of a want?
Something someone will pay a lot of money for
Something someone needs to survive
Something someone desires but is not necessary for survival
Something someone desires but is necessary for survival

Economics Basics Year 7 WA Flashcards | StudBud