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Grade 7 Economics Quick Quiz

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Grade 7 Economics Quick Quiz

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Essential econ concepts in simple terms.

Created by

Jessica Speirs
Jessica Speirs
South Africa

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Grade 7 Economics Quick Quiz
 

Grade 7 Economics Quick QuizOnline version

Essential econ concepts in simple terms.

by Jessica Speirs
1

What is another word for things we need to survive (food, shelter, clothes)?

Written answer

2

What is bartering?

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3

What are resources that can run out called?

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4

What economic problem arises because resources are limited but wants are unlimited?

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5

Which factor of production includes machines and tools?

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6

Which factor of production includes labor?

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7

Which factor of production includes land and natural resources?

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8

Which type of good is a physical item? (Goods or Services)

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9

Which type of good is an action or work done for someone? (Goods or Services)

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10

What is sustainability in economics?

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11

What is economic growth?

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12

Which problem is more common in urban areas: poverty or abundance? (Poverty/Abundance)

Written answer

13

Which problem is often seen in rural areas: poverty or urbanization? (Poverty/Urbanization)

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14

What is an economy’s goal to raise living standards? (Growth/Stability)

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15

What does technology do to productivity? (Increase/Decrease)

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16

Which term describes the unequal distribution of income? (Poverty gap/Income gap)

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17

What is barter a form of in terms of exchange? (Barter/Trade/Money)

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18

What is the basic economic problem called the need to choose? (Trade-off/Decision)

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19

Which is a renewable resource? (Coal/Water/Gold)

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Feedback

Needs are basic requirements for living; wants are desires beyond needs.

Bartering is trading goods or services without money.

Limited or scarce resources are finite and require choices.

Scarcity forces people to make choices and trade-offs.

Capital refers to man-made inputs like equipment and buildings.

Labor is the human effort used to produce goods and services.

Land covers natural resources used in production.

Goods are tangible items produced for sale.

Services are actions provided for customers.

Sustainability uses resources today without harming future needs.

Economic growth means more goods and services produced over time.

Urban areas can face poverty and inequality despite density.

Rural poverty involves limited jobs and services.

Growth aims to increase production and living standards.

Technology can make work faster and more efficient.

Income gap measures how unevenly money is distributed.

Barter is trade without money.

A trade-off is choosing one option over another due to scarcity.

Water is renewable in many contexts; coal is nonrenewable.

 
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