Year 7 Economics

A want is...

• A non-essential good or service

• A resource needed for survival

• An essential good or service

• All of the above

A good is...

• A factor in the economy that improves happiness

• Physical items that satisfy needs and wants

• Actions done for a person by others to satisfy the person's needs and wants

• None of the above

Services are...

• Physical items that satisfy a consumer's needs and wants

• Actions done for a consumer by others to satisfy the consumer's needs and wants

• Lawn mowing, public transport and dentists and trains

• Something essential to survival

Which of the following is an example of a want?

• Water

• iPhone

• Apples

• Tent

Which of the following is NOT an example of a service?

• Plumber

• Waitress

• Car

• Nurse

A business:

• Produces goods and/or services for consumers

• Is the final user of goods and services produced in an economy

• Is the organiser of the exchange of goods and services for money

• Provides goods and/or services in order to make a profit

A producer is:

• A person or group that is the final user of goods and services produced in an economy

• A person that takes a risk by starting an enterprise or business

• An individual or business involved in the production of goods and services

• Someone who carries out market research

Consumers are...

• The final users of goods and services produced within an economy

• Individuals or businesses involved in the distribution of goods and services

• A person who takes on a risk by starting a business with an idea to make profits

• The organisers of the exchange of goods and services for money

The economic problem is one of:

• Limited wants and needs

• Unlimited wants and unlimited needs

• Unlimited wants and limited resources

• Limited wants and unlimited needs

A market within the economy can best be described as...

• A place that sells fruits and vegetables

• All the businesses that supply goods and services to other businesses

• A large shopping centre

• An organised exchange of goods and services for money