Home Library Explore SAT

Home Library Explore SAT

Year 7 Economics Flashcards | StudBud

Explore/Year 7 Economics

Year 7 Economics

10 terms·StudBud Administration·46 plays

Revision of weeks 1-3 year 7 economics

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
Allocation refers to...
Assigning economic benefit
The choice consumers make about money
Apportioning of revenues and expenses
The distribution of scarce resources
2
A need is...
Something we really, really want
Not very important
The same as a want
Something we need to survive
3
The treasury is...
A kind of bank
The funds or revenue of a state
A place where you keep treasure
A place where pirates keep treasure
4
Which of the following is an economy pricing type retailer?
Rolls Royce
Aldi
Apple (Apple Stores)
Qantas
5
When supply of an item is limited, its price will most likely...
Decrease
Stay the same
Fluctuate
Increase
6
Cost plus margin pricing of a product is...
How much money a business makes
The different between cost and price
The total cost of production plus profit
The amount costs for a produce increase
7
The new iPhone 7 Plus is what?
A want
A need
8
Premium pricing is typically used by producers of...
High-quality, premium products
Low quality products
Average, everyday products
Home-brand products
9
What is economics?
A really boring part of HASS
The study of how people choose to use limited resources
Management of the home and family
The study of how to make lots of money quickly
10
The place where producers and consumers trade is called...
An exchange
A market
A store
A shop