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Business and Economics Basics Flashcards | StudBud

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Business and Economics Basics

10 terms·StudBud Administration·47 plays

Preparation for our Yr 7 test

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Questions 10

Answers

1
Select the 'wants' below.
Shelter
Vegetables
After school activities and a monkey with glasses.
A bed.
2
When is our Business and Economics test?
Never
1947
Monday
Next term
3
A dog walker is an example of a service.
True
False
4
Do you need to print your notes before the test on Monday?
Yes
No
5
What is a need?
Something you want but don't need to survive
Coconut water
Lollies
Something you need to survive
6
Opportunity Cost is
a currant bush.
Exactly the same as FOMO.
pears but not apples.
the loss of profit for something you chose to not produce.
7
What are some examples of wants?
plumber
healthcare
fruit, shelter, water
lollies, pet, device,toys
8
The goods you buy must:
Always include a nappy for babys
Never break
Be safe and have no hidden costs
Be made by prison inmates
9
Factors of production are...
resources made in production.
just like a chicken and an egg.
the same as a sweatshop.
resources needed to provide goods and services.
10
An ethical consumer considers the impact a product/service has on...
other children, flamingos, and/or your local burger king.
other people, animals, and/or the environment.
your toothbrush.
the green worm in your friend's basement.