Economics revision Y9

What is the definition of Economics?

• The study of human behavior and attitudes

• The study of political and social interactions

• The study of past events and the impact they have had on people

• The study of the production and distribution of goods and services

Why do we have to learn Economics?

• manage our limited resource and unlimited wants

• maximize our interests, benefits, and values

• All of the above are correct

• All of the above are incorrect

What is Karl Marx famous for?

• An economist

• A philosopher

• A revolutionary

• All of the above

If a resource is scarce...

• there is a shortage and unlimited wants in a world of limited resources

• there is a shortage and limited wants in a world of unlimited resources

• there isn't a shortage and unlimited wants in a world of limited resources

• there isn't a shortage and unlimited wants in a world of limited resources

Examples of goods and services are....

• cars, clothing, and machinery

• Hair styling, pest control, and equipment repair

• All of the answers are correct

• All of the answers are incorrect

A person who sets up a business or businesses is defined as...

• an entrepreneur

• an employee

• a factory worker

• a chef

Generally, how many types of resources?

• 1

• 2

• 3

• 4

Which of the following is NOT a capital resource?

• buildings

• money

• computers

• staff

Which is an example of a natural resource?

• boats

• physicians

• wood

• merchants

What is a basic economic problem that exists in society?

• There are too many resources to satisfy all needs and wants

• There are not enough resources to satisfy all needs and wants

• There are limited needs and wants

• There are more than enough resources to adapt all needs