Year 7 Economics

What is a need?

• Something you like to have

• Something that is necessary to remain alive

• any good or service that you purchase

• something you desire to have

Which of the following are needs?

• Food

• Nike shoes

• Water

• Laptop

What is a want?

• Something that is required to remain alive

• A thing that is not needed to survive but makes life better

• Something that you buy at the shops

• a natural resource

Which of the following is a want?

• Shelter

• Car

• Iphone

• Water

A good is a...

• Tangible item that you buy

• an intangible item that you buy

• something you buy from another person

• An item made in a factory

A service is...

• Something you can touch

• An intangible skill that a person pays for

• A tangible skill provided to someone

• Something that is free

Select which of these options are a service

• Hamburger

• Doctors

• Teacher

• Lawyer

What is this item?

• Good

• Service

What is a consumer?

• the increase in supply of a product

• A human being who produces goods

• Someone who creates products for people to buy

• A person who buys things to use

A producer is

• A person who has a lot of money

• A person or a business that sells products to make a profit

• A person who purchases goods

• A business that buys shares in other companies