Economics Revision Quiz

Define Economics

• The study of past events

• The study of human societies

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

• The study of celestial objects

What is the definition of Needs and provide an example?

• Needs are basic requirements for survival, such as food and shelter. For example, water is a need.

• Needs are desires or wishes that are not essential for survival. For example, a luxury car is a need.

• Needs are optional items that enhance comfort. For example, a smartphone is a need.

• Needs are financial assets required for investment. For example, stocks are a need.

Define Wants and give an example

• Wants are necessities required for survival, such as food and water.

• Wants are desires for goods and services that are not essential but are desired for satisfaction.

• Wants are the same as needs and are required for basic living.

• Wants are only related to luxury items and have no impact on daily life.

Which of the following is an example of a Human resource?

• Water

• Coal

• Teacher

• Sunlight

Which of the following is an example of a Natural Resource?

• Water

• Plastic

• Concrete

• Steel

Give an example of a Capital Resource

• Machinery

• Labor

• Raw materials

• Land

What is a Natural Capital?

• A type of financial asset

• The stock of natural ecosystems

• A form of human-made infrastructure

• A government policy

Define income

• The total amount of money earned before any deductions.

• The total amount of money earned after all deductions.

• The total amount of money spent on expenses.

• The total amount of money saved in a bank account.

What is the purpose of Australian Consumer Laws?

• To protect the rights of consumers and ensure fair trade practices

• To regulate the financial markets

• To control immigration policies

• To manage environmental conservation efforts

What is the definition of a budget?

• A plan for saving and spending money

• A list of expenses

• A financial report

• A type of investment