Definitions Unit 1 Quiz 1

Definitions Unit 1 Quiz 1

9th - 12th Grade

10 Qs

quiz-placeholder

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Definitions Unit 1 Quiz 1

Definitions Unit 1 Quiz 1

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

Elinor Kurton

Used 2+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

A good or service essential for living.

Want

Water

Need

Food

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

A good or service which people would like

to have, but which is not essential for living. These are unlimited

Want

Home

Need

Food

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

These are those resources needed to produce goods or services. There are four factors of production and they are in limited supply.

Sectors of the Economy

Goods and Services

Stages of Production

Factors of Production

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

This is the lack of sufficient products to fulfil the total wants of the population.

Shortage

Scarcity

Deficit

Insufficiency

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

This is the next best alternative given up by choosing another item. It is the result of scarcity meaning that we have to choose between options and one will be rejected.

Opportunity Cost

Needs and Wants

Goods and Services

Scarcity

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

This occurs when people and businesses concentrate on what they are best at. For example, Shell is an oil extraction company, Toyota produces cars and Apple produces computers and cell phones.

Division of Labour

Enterprise

Functional Organisation

Specialisation

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

This is when the production process is split up into different tasks and each worker performs just one of these tasks. For example, in a car factory, one worker could weld the frame, another could install the windows, a third could install the seats and someone else could paint the car.

Division of Labour

Work

Production

Specialisation

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