Year 8 Business Revision Quiz 1

To set prices and distribute resources according to supply and demand 

To provide equal income to all individuals 

To remove all forms of competition 

To ensure uniform production of all goods 

Extend working hours without compensation

Encourage open communication and reward achievements

Disregard employee feedback

Concentrate only on output, neglecting staff welfare

The price increases to compensate for lower sales

The price remains the same regardless of demand

The price decreases, which can lead to less resources being allocated to its production

The price increases, making it less affordable

It provides essential revenue for services and infrastructure projects for the public good.

It allows the government to take over private enterprises.

It ensures equal tax rates for all citizens.

It removes the necessity for private sector involvement.

By offering remote work options and recognising the importance of good mental health in the workplace.

By reducing salaries and increasing work hours.

By limiting technology use and maintaining traditional workspaces.

By focusing on local markets and ignoring global trends.

It allows the government to collect money for its own profit.

It is primarily used to fund private businesses and their operations.

It only affects wealthy individuals and has no impact on the rest of the population.

It funds public services, redistributes wealth and promotes a strong and stable economy.

Labour Market

Goods Market

Resource Allocation

Price Signals

Labour Market

Goods Market

Services Market

Financial Market

Supply and Demand

Labour Market

Price Signals

Resource Allocation

Tax has no effect on individual decision-making, it only influences the decisions of businesses.

Tax encourages individuals to make riskier financial decisions.

Tax impacts how much money people have to spend or save (disposable income)

Tax makes individuals avoid any form of savings or investment.