Which option describes land (factors of production)?

natural items or things a business needs to produce goods and services

the employees and their skills that are needed to produce goods and services

man-made items or things a business needs to produce goods and services

business’s ability to put land, labour and capital together to create goods and services

Which option describes labour (factors of production)?

the employees and their skills that are needed to produce goods and services

natural items or things a business needs to produce goods and services

man-made items or things a business needs to produce goods and services

business’s ability to put land, labour and capital together to create goods and services

Which option describes capital (factors of production)?

man-made items or things a business needs to produce goods and services

natural items or things a business needs to produce goods and services

the employees and their skills that are needed to produce goods and services

business’s ability to put land, labour and capital together to create goods and services

Which option describes enterprise (factors of production)?

business’s ability to put land, labour and capital together to create goods and services

natural items or things a business needs to produce goods and services

the employees and their skills that are needed to produce goods and services

man-made items or things a business needs to produce goods and services

What is the equilibrium price?

where consumer demand is equal to the supply of goods

Which of the following apply to the law of demand (more than one answer)

As the price increases, demand decreases

As the price decreases, demand increases

As price increases, demand increases

As price decreases, demand decreases

Which of the following apply to the law of supply (more than one answer)

As price increases, supply increases

As price decreases, supply decreases

As the price increases, supply decreases

As the price decreases, supply increases

In the image, what does Pe and Qe stand for?

equilibrium price equilibrium quantity

What does the circular flow model show?

Describes the flows of resources, goods and services, and income between the parts of the economy.

flow resources goods services income economy

What are the five key sectors in the circular flow model?

households firms financial government overseas

household firm financial government overseas

What is a leakage in the circular flow model?

reduces the flow of money between households and firms

reduce flow money household firm

What is a injection in the circular flow model?

increases the flow of money between firms and households

increase flow money household firm

Describe what the gross domestic product tells us.

total market value (what everything is worth) of all the finished goods and services produced in a country over a year

total value goods services produced year

changing an existing product or process, so it is even more effective than before

changing existing product effective

What is competitive advantage?

the ability to outperform other similar businesses in a market

What are the 4 problems that businesses aim to solve?

social environmental economical technological

social environment economic technology

What is market segmentation?

divide markets into groups of consumers who have common needs and characteristics

groups consumers needs characteristics

What is an economic system?

a way of organising the production and distribution of goods and services in a society

organising production distribution goods services

Describe a market capitalist economy.

individuals firms own resources

What is a planned socialist economy?

The government owns most of the productive resources

government owns productive resources

Tick which are correct for a traditional subsitence economy.

do not use money or seek to make profit

produce what is needed for survival

government owns some of the resources

Goods and services produced locally and sold overseas

goods services locally sold overseas

Goods and services produced overseas and sold domestically

goods services overseas sold domestically

What is a free trade agreement?

treaties between two or more countries designed to reduce or eliminate certain barriers to trade

countries reduce eliminate barriers trade

a tax imposed on an imported good or service

Year 9 Economics and Business Revision

Authored by Renae Bogunovich

Business

9th Grade

Used 2+ times

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FILL IN THE BLANKS QUESTION

1 min • 1 pt

What are the three economic questions?

(a)

FILL IN THE BLANKS QUESTION

1 min • 1 pt

What is the economic problem?

(a)

FILL IN THE BLANKS QUESTION

1 min • 1 pt

Describe the economic problem.

(a)

FILL IN THE BLANKS QUESTION

1 min • 1 pt

What are the four factors of production?

(a)

FILL IN THE BLANKS QUESTION

1 min • 1 pt

Define the term 'economics'.

(a)

FILL IN THE BLANKS QUESTION

1 min • 1 pt

What does scarcity mean?

(a)

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1 min • 1 pt

What is opportunity cost?

(a)

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Year 9 Economics and Business Revision

What are the three economic questions? (a)

What is the economic problem? (a)

Describe the economic problem. (a)

What are the four factors of production? (a)

Define the term 'economics'. (a)

What does scarcity mean? (a)

What is opportunity cost? (a)

Which option describes land (factors of production)?

Which option describes labour (factors of production)?

Which option describes capital (factors of production)?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business

What are the three economic questions?

(a)

What is the economic problem?

(a)

Describe the economic problem.

(a)

What are the four factors of production?

(a)

Define the term 'economics'.

(a)

What does scarcity mean?

(a)

What is opportunity cost?

(a)