Business Studies Grade 9 review

What is the basic economic problem?

• Needs + wants = profit

• Unlimited supply and limited wants

• Unlimited wants and limited resources

• Economics is hard bro

What is a factor of production?

• Lend

• Economics

• Land

• Government

Which is not a way to add value?

• Increase the selling price

• Increase the material costs

• Reduce the material costs

What is an opportunity cost?

• The first best option given up when making a choice

• The next best option given up when making a choice

• The first third option given up when making a choice

• The worst option given up when making a choice

The primary sector doesn't include:

• Farming

• Manufacturing

• Mining

• Fishing

The secondary sector doesn't include:

• Raising llamas

• Producing toys

• Assembling cars

• Producing smartphones

The tertiary sector includes:

• Raising goats

• Restaurants

• Making paint brushes

• Mining gold

Which are sectors of economic activity?

• Public

• Private

• Semi-private

• Hidden

Which one is not a characteristic of an entrepreneur?

• Independent

• Creative

• Innovative

• Optimistic

• Organic

Which one is not a way to measure the size of a business?

• Number of workers

• Value of output

• Value of sales

• Value of capital employed

• Value of profit