Grade 7 IBEE Term 1 Exam

Which of the following is correct?

• A need is necessary for survival
• Examples of capital resources are water, iron, air, or gold
• Human resources are also called people
• Services are things you can buy, like ice cream or textbooks

The conflict between unlimited wants and limited resources is called:

• Basic economic scarcity
• Wants
• Scarcity
• Factors of Production

Which is an example of a service?

• Smart Board
• Hair stylist
• Piece of paper
• Homeless man

Businesses and governments don't deal with scarcity

• True
• False

What is another name for human resources?

• Labor

• People

• Homies

• Capital

Things that you can see and touch are

• Wants
• Services
• Goods
• Needs

When you go to a movie, make a deposit at the bank, get a haircut, take a swimming lesson, use your telephone, or ride a bus, you are using services.

• True
• False

Wants are limited

• True
• False

I have 7 students and only 5 cookies. The cookies are

• Sad
• Scarce
• Wants
• Services

Which is a want?

• Water
• Food
• Milk
• Love