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Year 7 Economics Flashcards | StudBud

Explore/Year 7 Economics

An entrepreneur is

A drop in demand would not be caused by

Year 7 Economics

10 terms·StudBud Administration·149 plays

An #economics Quiz to help with #basics #supply and #demand

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Questions 10

Answers

1
A drop in demand would not be caused by
Product being out of fashion
Price drop
Price increase
Product being poor quality
2
An entrepreneur is
Someone who doesn't like change
Willing to take risks
Someone who goes with the flow
Some who who is scared to take risks
3
Which of the following is not a factor of production
Enterprise
Labour
Land
Weather
4
If demand for a product dropped, a producer should
Make more
Hire more workers
Increase the price
Drop the price
5
A consumer in economics is
A person who buys goods and services to satisfy their wants
A product that is used up
A person that is getting old
A person or group that makes something in order to sell it.
6
Reasons people work are
To earn Income
Both 1 & 2
To contribute to happiness
None of the above
7
Three common types of work are
Full time, Part Time, Casual
All ways, Some Time, Casual
Full time, Some Time, Casual
Lazy, Hard, Fun
8
The law of demand states
Price drop = demand drop
Demand rise due to price rise
Price increase = demand increase
Demand drop due to price rise
9
Needs are
Things that we want
Things that make your life fun
Essential for survival
Things that make you look pretty
10
A producer in economics is
A product that is rotten
Someone who buys goods and services to satisfy their needs
Someone who makes movies
Someone who makes something in order to sell it