EMS GRADE 7 TERM 1 REVISION QUESTIONS & ANSWERS (1)

EMS GRADE 7 TERM 1 REVISION QUESTIONS & ANSWERS (1)
Economic Management Science TERM 1
With 14 pages, (7 pages for questions and next 7 pages for Memorandum)

Topics:

(1). The economy:
History of money

(2). The economy:
Needs and wants

(3). The economy:
Goods and services

(4). Entrepreneurship:
Businesses

Content:

Traditional societies; bartering; promissory notes; coins; paper money; electronic banking; the role of money

Basic needs of individuals, families, communities and countries; primary and secondary needs; unlimited wants; limited resources to satisfy needs and wants

Goods and services; examples of goods and services; producers and consumers; the role of households as producers and consumers; using goods and services efficiently and effectively; how to recycle and reuse goods to satisfy needs and wants

Formal and informal businesses; types of businesses (trading, manufacturing and service) that are both formal and informal; advantages and disadvantages of formal and informal businesses; the role of formal and informal businesses as producers and consumers; the effect of natural disasters and health epidemics on formal and informal businesses