1
What is Economics?
Concerned with production, distribution and consumption of goods and services
____________ _________ choose to fulfil their own needs through producing goods themselves
direct consumers
What is the 'household sector?
What is competition?
people/organisations work against each other to become successful/to survive in the market.
Which of the following is not a name of one of the seven dwarfs in Snow White?
Grumpy, Stinky, Doc, Bashful, Sneezy
Stinky
What is business?
refers to a person or organisation that is involved in the process of producing goods and services
Consumers by exchange refer to...?
individuals trying to meet all of their needs themselves, they specialise in producing goods to meet specific needs and have a surplus to trade with other consumers to meet their other needs.
Fill in the blank
The _________ ________ is what we call the group of producers. Producers use _______ in order to provide goods and services to consumers.Business sector; resources
Fill in the blanks.
________ ___________ occurs when a business is able to produce and sell goods and services better than its competitors.
Competitive advantage
What is the tallest mountain in the world?
Mount Everest
Define 'Needs'. give two examples
refers to something is needed to survive.
e.g., air, food, water
What type of consumer am I?
Hints
1. this is the most common type of consumer
2. consumers work to gain money then go to a market and purchase goods
modern
Resources can be classified into four categories:
1.
2.
3.
4.
Land, capital, labour, enterprise
How can a business create/develop competitive advantage.
Give three examples.
price, quality, variety, design
Which country has the most natural lakes?
Canada
What is difference between 'needs' and 'wants'?
What is an example of 'want'?
need --> survival
Want -->something that a person desires, but would be able survive without
1. A party that has an interest in a business is known as the ...?
2. Profit refers to...
1. stakeholder
2. money gained from sales after the cost of production has been calculated
tools, buildings, machinery, equipment, vehicles
Several factors can change the level of demand by customers for a good or service. These can include:
1.
2.
3.
4.
Changing income
changing trends
change of complimentary prices
change in population (age, gender etc)
Answer one of these questions
1. How many States are there in United States?
or
2. What are the names of the five oceans of the world?
1. 50
2. Atlantic, Pacific, Indian, Artic and the Antarctic
The users of goods and services also known as the ______________ ?
Consumers
Who are 'entrepreneurs'?
Give three reasons to explain why people become entrepreneurs.
Entrepreneur is a person who develops an idea of a good/services that they think will fulfil the needs of a community
Reasons:
money, independence, legacy, competition, challenge, independence
Household sector provides resources (e.g., labour) for businesses. Businesses use that labour to produce goods and services (e.g., produce and deliver pizzas to households).
Use the word bank below to fill in the blanks
Profit is the 1)______ reward that a business aims to 2)_____ in return for taking the risk of producing a 3)________ or 4)______ and attempting to sell it to customers in a 5)_________. A business with a 6) _______ ________ is more likely to make a profit.
Word bank: competitive advantage, financial, good, service, market, achieve
1. financial 5. market
2. achieve 6. competitive advantage
3. good
4. service
What are the names of the seven continents of the world?
Asia, Africa, North America, South America, Antarctica, Europe, Oceania