G11 Economics Term 1 Revision 2025

A factor of production that cannot be seperated from its owner is....

• labour

• land

• technology

• capital

Goods that are used to manufacture other goods and to provide services are called ....

• final goods

• intermediate goods

• economic goods

• luxury goods

An economic system that uses the forces of demand and supply to allocate resources is called ..... economy

• free market

• centrally planned

• informal

• mixed

Construction is classified under ..... sector

• primary

• seconday

• tertiary

• services

A method of measuring gross domestic product that adds up the total remuneration for all the factors of production is called .... method

• expenditure

• production

• income

• nominal

(a)   refers to the people who are excluded from mainstream economic activities and are seen as worse off when compared to others.

The use of tax to provide public goods and services is described as (a)  

An economic system in which factors of production are viewed as communal property.

(a)  

The economic activities that deals with provision of services e.g. banking

(a)  

Name any TWO types of indirect taxes