Share EMS Revision Grade 7 Term 1 and 2
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What is a subsistence economy?
A way of living were people produce everything they need themselves.
What is bartering?
Trade that takes place without money. Goods ad services are exchanged for one another.
Name four characteristics of money.
Relatively scarce, Durable, Portable, Divided into smaller units.
Name 4 current forms of money that we use today.
Electronic banking, banking apps, snapscan, debit cards, credit cards, etc.
What is the difference between a need and a want?
A need is something you have to have in order to stay alive. A want is something you would like to have but do not need.
Give 3 examples of Public goods and services.
Answers will vary.
True or False: Self-esteem is an example of a primary need.
False
True or False: Security needs is an example of a Secondary need.
False
We have limited resources and unlimited wants. This is called _________
Scarcity
What is the difference between a non-renewable resource and a renewable resource?
Non-renewable resources can run out and can't be replaced. Renewable resources can be replaced and will never run out.
Give and example of a government agency.
answers will vary.
