Graded Assignmnet 1 - Buisiness Studies 24-25

Match the following

Groups:

(a) Needs

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(b) Wants

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Organize these options into the right categories

Groups:

(a) Goods

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(b) Service

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The economic problem refers to ​ (a)   wants but ​ (b)   resources.

• unlimited
• limited

Tick the correct definition of "Scarcity"

• When there are not enough goods & services to meet the needs & wants of everyone.

• When there are so too many goods to meet the needs and wants of everyone.

• When there are not enough people to meet the amount of goods and services available.

What are the 4 "factors of production"?

• Skills, Resources, Products, Services

• Machines, Factories, Workers, Customers

• Enterprise, Capital, Labour, Land

• Price, Product, Marketing, Sales

Match the following

• Enterprise

• Samsung is looking to develop a new product and needs highly skilled engineers

• Labour

• Minh wants to start a bubble tea company but needs money to buy machines to make it

• Capital

• Gr12 students think of creative ideas to start their own business, taking on all the risk.

• Land

• A new car company is looking at building a factory in Bac Ninh

VAS Hanoi decides to invest hiring 10 more foreign teachers for the next year of school. Give 3 examples of opportunity costs that VAS have.

Mr Alex decides to go out of school to get Bun Cha for lunch. Its delicious but it takes a long time to reach the restaurant. What is an example of an opportunity cost for Mr Alex? (2 answers)

• Feeling happy with his lunch

• More time to get work done during lunch time

• Less stress from being busy

• Save money eating for free in the school canteen.

Steve inc. is a car manufacturer they have found that their production is too slow because workers are better at some jobs than others. What is a potentially good solution to Steve incs problem.

• Raise everybody's wages

• Fire all the old employees and hire new ones.

• Division of Labour in order to benefit from specialistion.

• Hire more employees.

Why do businesses use specialization?

• To make all workers do the same job

• To increase the number of products they sell

• To reduce the quality of their products

• To produce more goods and services more efficiently