EMS Revision Grade 7 Term 1 and 2 | Baamboozle - Baamboozle

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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.

We have limited resources and unlimited wants. This is called _________

Scarcity

Give and example of a government agency.

answers will vary.

Give 3 examples of Public goods and services.

Answers will vary.

Name 4 current forms of money that we use today.

Electronic banking, banking apps, snapscan, debit cards, credit cards, etc.

True or False: Self-esteem is an example of a primary need.

False

What is bartering?

Trade that takes place without money. Goods ad services are exchanged for one another.

True or False: Security needs is an example of a Secondary need.

False

What is a subsistence economy?

A way of living were people produce everything they need themselves.

Name four characteristics of money.

Relatively scarce, Durable, Portable, Divided into smaller units.

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.