Grade 7 EMS

1.

Trading that takes place without money is called:

2.

True or False: An allowance to a person where no payment is required is called interest.

True

False

3.

A shop where goods are sold to the public is known as a

4.

True or False: The specifications and materials in the production process are called inputs.

True

False

5.

Is Picture B an example of primary, secondary, or tertiary production?

Primary

Secondary

Tertiary

6.

Identify which of the Pictures in Question 3 are SERVICES.

a) Bicycle

b) Ambulance

c) Firefighter

d) Dentist

e) Milk

7.

A budget is:

Costs that increase the more goods you produce

Things in nature that can be replaced

We have unlimited needs and wants but limited resources to satisfy them

A plan drawn up to control expenditure

The people you plan to sell your product or service to

8.

What is a target market?

Costs that increase the more goods you produce

Things in nature that can be replaced

We have unlimited needs and wants but limited resources to satisfy them

A plan drawn up to control expenditure

The people you plan to sell your product or service to

9.

A tool used to promote your business which can take many different formats is called:

10.

True or False: Assets and liabilities = owners equity.

True

False

11.

The process of taking raw materials and transforming them into useful good and services is:

Production

Consumption

12.

True or False: The primary stage of production is the first step in the production process.

True

False

14.

Is Picture E an example of primary, secondary, or tertiary production?

Primary

Secondary

Tertiary

15.

A renewable resource is:

Costs that increase the more goods you produce

Things in nature that can be replaced

We have unlimited needs and wants but limited resources to satisfy them

A plan drawn up to control expenditure

The people you plan to sell your product or service to

16.

Is Picture C an example of primary, secondary, or tertiary production?

Primary

Secondary

Tertiary

17.

If a country has produced more goods and services than it did in a previous year, we call this

Input

Economic Growth

18.

How efficiently resources are being used to generate products and services is called:

19.

Money earned that is not spent is called

Investing

Saving

20.

The Economic Problem is:

Costs that increase the more goods you produce

Things in nature that can be replaced

We have unlimited needs and wants but limited resources to satisfy them

A plan drawn up to control expenditure

The people you plan to sell your product or service to

21.

A business that is regulated by the Government is called a:

Formal Business

Informal Business

22.

A Farm would be an example of the __________ sector.

23.

Identify which pictures in Question 3 are GOODS.

a) Bicycle

b) Ambulance

c) Firefighter

d) Dentist

e) Milk

24.

Is Picture A an example of primary, secondary, or tertiary production?

Primary

Secondary

Tertiary

25.

Is Picture F an example of primary, secondary, or tertiary production?

Primary

Secondary

Tertiary

26.

Quality roads and access to electricity, water supplies and communication are known as:

Human Rights

Infrastructure

27.

Variable costs are:

Costs that increase the more goods you produce

Things in nature that can be replaced

We have unlimited needs and wants but limited resources to satisfy them

A plan drawn up to control expenditure

The people you plan to sell your product or service to

28.

True or False: The difference between income and expenses = Profit

True

False

29.

Is Picture D an example of primary, secondary, or tertiary production?

Primary

Secondary

Tertiary