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Give 5 examples of wants.
Various answers
True or False: You can make payments using your smart phone.
True
True or false: It is important that money should be dividable.
True
Why must money be durable?
It must be able to last a long time and not easily be broken.
What is the difference between a debit and a credit card?
Credit Card - allows you to borrow money, Debit Card - use your own money
A place where people come together to buy and sell goods is called a (A) Trading place (B) Market (C) Subsistence Economy
(B) Market
What do we call trade that takes place without money?
Bartering
What are public goods and services?
Goods and services provided by the government.
Which needs are classified as primary needs in Maslow's Hierarchy of needs?
Physical and Security needs
What do producers do?
They make or develop goods and/or services
Is education a good or a service?
Service
A hairdresser can sell goods and services. Explain how this is possible.
Haircut = Service, Hair products = goods
Give 3 examples of services.
Various answers.
Give 3 examples of goods.
Various answers
True or False: A good is intangible.
False
What is the basic economic problem?
Having unlimited needs and wants but limited resources to satisfy them./Scarcity
True or False: The need to have friends is an example of a social need.
True
True or False: Social, Serf-esteem and Self-Actualisation needs are primary needs.
False
Military Services is an example of a need of: (A) Households (B) Country (C) Community
(B) Country
Give an example of a community need.
police, roads, hospitals, libraries, etc...
What does 'collective' mean?
Belonging to everyone.
Give two examples of needs.
food, water, shelter, etc...
What is a household?
A group of individuals (such as family members) who live together.
True or False: A need is something you would like to have but can live without.
False


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