Year 9 Economics and Business Revision

What are the three economic questions?

What is the economic problem?

Describe the economic problem.

What are the four factors of production?

Define the term 'economics'.

What does scarcity mean?

What is opportunity cost?

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)?

• 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 capital (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