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Year 7 Economics and Business - MVSS Flashcards | StudBud

Explore/Year 7 Economics and Business - MVSS

Year 7 Economics and Business - MVSS

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Individual and Business success in the market

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Questions 10

Answers

1
A producer is
None of these
an individual/business involved in making goods and services
Someone involved in making TV shows and movies
A farmer
2
A consumer is
None of the above
person or group who is the final user of goods or services
something that uses a lot of material
a person who eats something
3
A budget is
a business term used to describe spending
Something that businesses don't have to worry about
a type of rare bird
a planning document, listing expected revenues and expenses
4
Economic needs are
What other people demand
goods and services considered necessary by consumers
Water and oxygen
What I want
5
Supply is
A term used to describe how a business puts items in stores
None of these
the amount of goods and services available to conumers
How many items a business has in stock
6
An entrepreneur is
someone who greets you at the entrance to a store
A French word for the first course of a meal
a person who creates a successful business in a new field
None of these
7
A market is
None of these
where the exchange of goods, services and resources occurs
A location where stalls are set up to sell fruit and veges
where shares are sold
8
Labour includes
Answers 1 and 3
human & intellectual skills used to make goods and services
people who work for producers of goods & services for wages
is what hard work is called
9
A Business is
None of the above
Answers 1 and 2
an organisation set up to make money for people
an organisation making or selling goods, mostly for profit
10
Demand is
total goods and services consumers want and are able to buy
None of these - Who wrote these answers?
an unreasonable request from your teacher to do homework
how much pocket money you ask for