Economics Pre-test

A 'need' is defined as:

• something which we desire, but is not necessary for our survival

• something you want to buy

• something that is required for our survival

• something you want to sell

A 'want' is defined as:

• something which we desire, but is not necessary for our survival

• something that we need to buy

• is something that is required for our survival.

• something that we need to sell

Tick the following options which represent a 'need'

• Water

• Playstation 4

• Food

• Shelter

• Television

The term 'scarcity' in economics refers to:

• Having everything you need and want

• Having an unlimited amount of resources (money)

• Having too many resources in your home

• Having unlimited needs and wants but only limited resources (money) to meet them

People who purchase goods in order to satisfy their wants and needs are known as ____________ (starts with the letter C):

Opportunity cost represents:

• the gain from other alternatives when one alternative is chosen

• the loss from other alternatives when one alternative is chosen

• the feeling of regret when you miss an opportunity

• the feeling of shame when you miss an opportunity

Natural resources refer to:

• Raw materials supplied from the Earth, sea or air

• Human skills, both physical and mental used to produce goods

• Human made objects which help in producing other products

• Currency

Labour resources refer to:

• Human made objects which help in producing other products

• Currency

• Raw materials supplied from the Earth, sea or air

• Human skills, both physical and mental used to produce goods

In economics, 'demand' refers to:

• When someone asks for something to be done immediately

• The amount of a good or service which consumers desire

• The amount of a good or service available to consumers

• Requesting for a task to be completed in a timely manner

In economics, 'supply' refers to:

• Requesting for a task to be completed in a timely manner

• When someone asks for something to be done immediately

• The amount of a good or service which consumers desire

• The amount of a good or service available to consumers