Economics Quiz prepare for 3rd month test

Production is a process that involves converting ________ into goods or services.

Renewable resources are those that can be used repeatedly and do not run out because they are ________.

Non-renewable resources are natural resources that cannot be replaced quickly enough to keep up with ________.

The four factors of production include land, labour, capital, and ________.

Working capital refers to stocks of raw materials and components, including stocks of ________ that are waiting to be sold.

Variable Costs are costs that ________ as a firm produces more output.

Total Profit is calculated as Total Revenue minus _____________.

Which of the following is an example of a renewable resource?

• Fossil fuel oil

• Solar energy

• Natural gas

• Coal

Which of the following is not a factor of production?

• Land

• Labour

• Capital

• Human resources

What is the advantage of division of labour for workers?

• They can become very skilled at one thing.

• They have to move around a lot.

• They can do multiple tasks.

• They are less productive.