IGCSE Economics - Section 1

IGCSE Economics - Section 1

9th - 10th Grade

12 Qs

quiz-placeholder

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IGCSE Economics - Section 1

IGCSE Economics - Section 1

Assessment

Quiz

Other

9th - 10th Grade

Practice Problem

Medium

Created by

Giovani Asriningtyas

Used 396+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The basic economic problem is …

Meeting increased demand for goods and services with limited resources

How to satisfy limited wants and needs with unlimited resources

The interaction of market forces to satisfy unlimited needs and wants

How to allocate scarce resources to satisfy unlimited needs and wants

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An olive farm in northern Italy produces organic olive oil which it sells on its website to specialist shops around the world. An example of primary industry activity is ...

bottling the olive oil

Crushing the olives to extract the oil

Growing olive trees

Selling the oil over the internet

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which are three basic economic questions addressed by an economy?

For whom should production take place?

When should production take place?

What production should take place?

How should production take place?

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term is used to describe non-physical items, such as haircuts, bus journeys and internet access?

Factors of production

Goods

Services

Opportunity cost

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic goods example

Public domain web wage

Seawater

the sun light

Housing

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the generic name for the human resources in the production process?

Capital

Enterprise

Labour

Land

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Production of any good or service requires resources known as ...

Factors of production

land

production facitilies

raw materials

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