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Economics Exploration Pre-Test

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Economics Exploration Pre-Test

A community market is planning a one-day pop-up in Australia. Use the scenarios and information on this sheet to show what you already know about choices, resources, businesses and sustainability. Answer every question; this is a pre-test, so have a go even if you are unsure.

Choices and resources

Read each question carefully. Choose or write the response that best explains the economic idea.

1.The market committee has $120 to spend on either a shade tent or extra tables. It cannot afford both. What economic problem does this situation show?

Scarcity: limited resources must meet many wants
A surplus: more goods than people want
A business profit
A guarantee that everyone gets what they want

2.Amira spends her saved $35 on a second-hand skateboard instead of using it for a cooking class. What is her opportunity cost?

3.A stallholder buys ingredients, uses a food van and hires two helpers to sell soup. Name one natural, one capital and one human resource in this example.

4.Which is most clearly a need rather than a want for people at the market?

Safe drinking water
A limited-edition cap
A novelty phone case
A ticket to a live music show

The pop-up market

Use the market snapshot below for Questions 5 and 6.

Stall

Saturday sales

Saturday costs

Xavier’s fruit cups

$180

$110

Isla’s repair stall

$140

$90

5.Using the market snapshot, calculate Xavier’s profit for Saturday. Show the calculation: profit = sales − costs.

6.Using the market snapshot, which stall made the greater profit, and by how much?

7.After heavy rain, more customers visit Isla’s repair stall. Several bikes arrive with wet, squeaky brakes. Identify the cause and the effect in this situation.

8.Xavier runs her fruit-cup stall by herself, makes the products and keeps the profits. What type of business ownership best describes her stall?

Sole trader
Partnership
Co-operative
Public company

9.A student team wants to start a stall selling reusable lunch wraps. Choose two useful qualities for the team and explain how each could help the idea succeed.

Think beyond today

Economic choices can affect people and the environment now and in the future.

10.The market can use disposable plastic cups or washable cups. Explain one economic benefit and one possible cost or challenge of choosing washable cups.

11.Match each economic term to its meaning. Write the correct letter beside each definition: A. scarcity B. opportunity cost C. entrepreneur D. sustainability E. resources. (1) The next best alternative given up when a choice is made. (2) A person who organises and runs a business, often taking a risk. (3) Using resources so present needs are met without reducing future generations’ ability to meet their needs. (4) Limited resources compared with people’s many wants. (5) Inputs such as natural materials, labour and equipment used to produce goods and services.

1. The next best alternative given up when a choice is made
2. A person who organises and runs a business, often taking a risk
3. Meeting present needs without reducing future generations’ ability to meet theirs
4. Limited resources compared with people’s many wants
5. Inputs such as natural materials, labour and equipment used to produce goods and services