Unit Test Revision Gr 7

Goods and services that we _______ are things which are compulsory to live or survive.

• want

• need

_________ is example of wants

• food

• clothing

• bike

• shelter

Land, _______, Capital and Entrepreneur are the four factors of production.

• Machinery

• Money

• Raw materials

• Labour

An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

• Labour

• Worker

• Entrepreneur

__________ are individuals or groups who affect and are affected by a business activity.

• Shareholders

• Entrepreneurs

• Stakeholders

• Onwers

_________ is an example of internal stakeholder.

• Business owners

• Competitors

• Customers

• Suppliers

Government is an example of _______ stakeholder.

• internal

• external

________ is the process by which inputs are converted into outputs in order to gain profit.

• Productivity

• Production

• Factors of production

________ and capital intensive are the two types of production.

• Land intensive

• Labour intensive

• Entrepreneur intensive

_______ is an example of Job production.

• Bakery

• Car maunfacturing

• Tailoring