Business Studies Grade 8

"Every society faces this reality due to its people's unlimited wants and limitation in resources" What is this statement talking about?

• Factors of production

• The economy

• Scarcity

Wants are the things you would like to have. Identify the wants from the below choices

• Stationaries

• Movies

• Water

• Healthcare

________________ is making the most of what we have, that is, using the limited resources in such a way that gives the maximum benefit and reduces wastage.

what can you see from the picture?

• A Factors of production

• Buildings

• Land

• All of the above

___________________ create opportunity cost.

Select the types of resources from below

• Non renewable resources

• Natural resources

• Human resources

• Manufactured resources

The goods and services produced by a company, to satisfy needs and wants of customers is called ______________

• Consumer

• Producer

• Products

• Wants and Needs

amount of a product available to the market; stock

• supply

• demand

• Surplus

• Shortage

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

Choose the stakeholders whom are not internal stakeholders

• Owners and Managers

• Shareholders

• Customer

• Government

• Employees