Year 7 Economics Revision

Something we would like to have but can survive without

• Want

• Need

• Producer good

• Public good

Something we must have in order to survive

• Want

• Need

• Producer good

• Consumer

What is the Economic Problem?

• There are unlimited resources to satisfy our limited needs and wants

• It is very difficult to learn

• There are too many producers and not enough consumers

• There are limited resources to satisfy our unlimited needs and wants

Another term for the Economic Problem

• Finite

• Scarcity

• Economics

• Production

What are the 4 types of needs?

• Food, water, clothing, shelter

• Food, transport, water, housing

• Exercise, clothing, transport, food

• Shelter, food, clothing, transport

What are the different characteristics of wants?

(select all correct answers)

• Recurrent

• Complementary

• Changeable

• Unlimited

• Competitive

Wants change over time due to taste, fashion, technology, age, income, season, and so on.

This is the definition of...

• Unlimited wants

• Changeable wants

• Competitive wants

• Recurrent wants

Wants are never completely satisfied. When one want has been satisfied another want takes its place.

This is the definition of...

• Recurrent wants

• Changeable wants

• Competitive wants

• Unlimited wants

Wants compete with other wants to be satisfied by the individual (because income is limited).

This is the definition of...

• Competitive wants

• Complementary wants

• Recurrent wants

• Unlimited wants

Wants that occur again and again on a regular basis.

This is the definition of...

• Unlimited wants

• Recurrent wants

• Changeable wants

• Complementary wants