Grade 7 · CAPS

Grade 7 Economic Concepts

Economic and Management Sciences practice questions with answers

Grade 7 Economic Concepts is part of the CAPS Economic and Management Sciences curriculum, covering key ideas such as production, bartering, and income differences. Learners will explore the implications of health epidemics on economies and understand the stages of production. They will also examine the disadvantages of bartering and investigate reasons for income disparities among individuals. The practice questions below, drawn from ReClass's own question bank, provide a comprehensive overview of these economic concepts.

Worked example

3.4.3 Natural disaster.

Answer & explanation

A natural event that damages the environment, e.g. floods, hurricanes.

You'll also practise

  • 1.1 The economic problem, is that needs and wants are ____________________, but resources to satisfy them are ______________________.
  • 1.2 Households who buy and use goods are called _______________________.
  • 1.3 The businesses that make and supply goods are called __________________ businesses.
  • 1.4 We call resources which will run out completely one day, ___________________ resources.
  • 3.4.4 Health epidemic.
  • 1.1 Match the term from Column A, to the definition in Column B. Write your answers in the blocks provided below.
  • 2.5 State whether the following statements are True or False. The Tertiary Sector uses raw materials from the Primary Sector to produce goods and services.
  • 3.1 Provide a term for the following definitions. A system of trade, whereby personal possessions of value could be exchanged for other goods.
  • 8.5 Provide a definition for the term socio-economic imbalance.
  • 8.6 Name and explain the two types of inequality.
  • 8.7 Provide two reasons for the difference between income.
  • 8.8 Explain the term production.
  • 8.9 List the three stages of production and give an explanation of each.
  • 8.10 List the four groups of factors of production.
  • 9.9 In the block below, provide three differences between a formal and informal business sector.
  • 9.10 Motivate why people work in the informal sector.
  • 1.1.1 Fill in the missing word. Use the words in the block below to complete the sentences. _______________________________________________is a term used to describe a situation where people do not have equal access to resources.
  • 1.1.2 Fill in the missing word. Use the words in the block below to complete the sentences. Healthcare and good quality housing are all basic needs of a(n) __________________________.
  • 1.1.5 Fill in the missing word. Use the words in the block below to complete the sentences. _______________________ involves collecting materials such as waste paper, plastic, glass and metal cans.
  • 1.2.1 Are the following statements True or False? We are all producers and consumers. _______________
  • 1.2.2 Are the following statements True or False? The first coins were produced in Europe. _______________
  • 1.2.3 Are the following statements True or False? Our wants can never be satisfied. _______________
  • 1.2.4 Are the following statements True or False? Not all businesses are producers. _______________
  • 1.2.5 Are the following statements True or False? Businesses are producers, not consumers. _______________
  • 1.3.1 Match the term in Column A to the definition in Column B. Write the letter from Column B, in the spaces provided below. Bartering ______
  • 1.3.2 Match the term in Column A to the definition in Column B. Write the letter from Column B, in the spaces provided below. Currency ______
  • 1.3.3 Match the term in Column A to the definition in Column B. Write the letter from Column B, in the spaces provided below. Electronic Banking ______
  • 1.3.4 Match the term in Column A to the definition in Column B. Write the letter from Column B, in the spaces provided below. Self-sufficient ______
  • 1.3.5 Match the term in Column A to the definition in Column B. Write the letter from Column B, in the spaces provided below. Buying on Credit ______
  • 2.1 List four disadvantages of bartering. (4)
  • 3.1 List two socio-economic challenges in a rural and urban area. (4) Rural Area 1. Urban Area 1.
  • 3.2 List three reasons for the difference in the level of income amongst people. (3)
  • 3.3 List three business sectors. (3)

Common mistakes

  • Confusing bartering with modern trade systems.
  • Misunderstanding the term 'production' as only related to manufacturing.
  • Overlooking social factors when listing reasons for income differences.
  • Assuming all economic impacts of health epidemics are negative.

Aligned to CAPS Grade 7 Economic and Management Sciences — Economic Concepts.

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