Y10 Economics - Factors of Production and Circular Flow Model

Match the following definitions

• Global economics

• The economics of how countries interact

• Economics

• The economics of a whole nation

• Microeconomics

• The study of scarcity

• Macroeconomics

• The economics of individuals, households and businesses

Which of these are Factors of Production?

• Capital

• Labour

• Entrepreneurship

• Land

Match the following definitions

• Land

• Skills, creativity and risk-taking ability of a business person

• Capital

• Natural resources used in the production process

• Enterprise

• Non-natural products used in the production process

• Labour

• Human resources required in the production process

Organize these options into the right categories

Groups:

(a) Labour

,

(b) Land

,

(c) Capital

,

(d) Enterprise

• agricultural products

• Steve Jobs

• chef

• Jay-Z

• equipment

• tools

• doctor

• oil

• vehicles

• water

• coal

• Elon Musk

• wood

• accountant

• machinery

• barista

• Bill Gates

The reward for capital is ...

(use lower-case letters)

(a)  

The reward for enterprise is

(use lower-case letters)

(a)  

The reward for land is (a)  

(use lower-case letters)

The reward for labour is ...

(use lower-case letters)

(a)  

How many sectors are there in the circular flow model?

• 2

• 3

• 4

• 5

• Who cares

In the Circular Flow Model, what do households receive from businesses?

• medals

• income

• supplies

• cupcakes

• expenses