Week 3: Economics Issues and Responses

Name:

Date:

📊 Part 1: Economic Decision Responses

1. A local council is deciding whether to build a new skate park or upgrade the library. What are TWO potential costs and TWO potential benefits of building the skate park?

Costs:

Benefits:

2. Your family is considering buying a more fuel-efficient car to save money on petrol. Choose the BEST economic reason for this decision:

The new car looks better

Long-term cost savings outweigh the initial purchase cost

Everyone else is buying new cars

The old car is too small

3. A Year 7 student wants to buy a new gaming console for $500 but also needs to save for a school camp costing $300. Explain what economic decision-making process they should follow.

4. Which of these factors should businesses consider when responding to economic issues? (Select ALL that apply)

Environmental impact

Customer needs

Only immediate profits

Long-term sustainability

Community benefits

🌱 Part 2: Sustainability and Economic Resources

5. Complete this sentence: Sustainable use of economic resources means ________________________.

6. A clothing company in Australia is facing criticism for fast fashion practices. Suggest THREE ways they could make their business more sustainable while still remaining profitable.

7. Which business practice demonstrates the BEST use of sustainable economic resources?

Using the cheapest materials available regardless of environmental impact

Recycling waste materials to create new products

Producing as much as possible to maximise short-term profits

Ignoring environmental regulations to reduce costs

🏢 Part 3: Australians in Business

8. Match each business type with its correct description by writing the letter in the box:

A. Sole Trader B. Partnership C. Company

A business owned by two or more people who share profits and responsibilities A business owned and operated by one person A business that is a separate legal entity from its owners

9. Explain why small businesses are important to the Australian economy. Give at least TWO reasons in your answer.

10. A teenager wants to start a lawn mowing business in their neighbourhood. Identify TWO economic issues they might face and suggest ONE response to each issue.

Economic Issue 1: _________________________________

Response: _________________________________

Economic Issue 2: _________________________________

Response: _________________________________

Economics Issues and Responses

Week 3: Economics Issues and Responses

📊 Part 1: Economic Decision Responses

🌱 Part 2: Sustainability and Economic Resources

🏢 Part 3: Australians in Business

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