GWC N5 Economics Revision End of S3 unit 1

Opportunity costs is

• making the wrong decision

• the sacrifice of the next best alternative foregone

• chosing one thing over another

• not having enough money to do everything you want

A market is

• a place where buyers and sellers come together
• a place where people can buy goods
• a place where buyers and sellers come together and agree a price for the exchange of goods and services.

The basic economic problem is

• unlimited wants
• limited resources
• scarcity
• greed

The basic economic problem can never be eliminated.

• true
• false

A need is

• something we have to have in order to survive
• something we have to have to make our life better

A want is

• something we have to have in order to survive
• something we would like to have to make our life better

Which is not an example of a need

• water
• clothing
• a holiday abroad
• shelter

Which are not a factors of production

• land
• rent
• capital
• interest

Which are rewards to the factors of production.

• rent
• land
• capital
• interest

Which is the reward to land

• capital
• rent
• interest
• wages