stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Year 7 Economics Quiz Flashcards | StudBud
Explore
/
Year 7 Economics Quiz
Year 7 Economics Quiz
15 terms
·
StudBud Administration
·
2,891 plays
An economics revision quiz to test terminology and concepts.
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
What are capital resources?
New ideas
Human skill and effort
Machinery and technology
Raw materials supplied by nature
2
What is a demand?
The maximum amount of money people will spend on a service
The amount of something people will buy at a certain price
Nutella
The terms of a deal
3
What is a want?
Something you can live without but really want
Something you can't live without
A hair dresser
21
4
What is the law of demand?
The law of demand is the law of demand.
The more expensive something is the more people will buy.
The law that people's needs have to be met.
The cheaper something is the more people will buy of it.
5
What is a demand curve?
A graph displaying amount of the product sold against price
A bar graph showing demands
The amount of something people will buy at a certain price
A type of hydrangea with a complex root system
6
What is the Economic Problem?
There are unlimited wants but not unlimited resources.
I can't afford the new iphone.
I don't understand economics and that's a problem.
There are too many resources.
7
When making an economic cake, how many factors of production are there?
5
4
1
0
8
What is economics?
Examples of ways to save money
The study of history and social science
The way people organise resources to satisy needs and wants
The study of rainbows and unicorns
9
Which of these is a producer?
Land
Peanut butter
Disney
All of the above
10
What does scarcity mean?
When people can satisfy their wants but not their needs
Another word for Halloween
When you are scared of something
Not enough resources to satisfy everyone’s needs and wants
11
Which of these is an example of a market?
All of the above
The labour market
The housing market
The stock market
12
What is enterprise?
The machinery used to produce goods
The people helping to produce goods
A dog
The ideas behind a product or service
13
What is the Economic System?
A money system
An ICT system
A factory where items are made
The way we organise resources to produce goods and services
14
What is a market?
Anywhere goods and services can be bought
Going direct to a farm to buy products
Where you buy food
Where you buy stationery
15
What are the four types of resources?
Machinery, nature, business and land
McDonald, Hungry Jacks, Donald Trump and Pepsi
Capital, land, labour and enterprise
People, trees, departments and candy
