Y10 Progressive Quiz

1. What is a need?

• Luxury item

• Something essential for survival

• Branded product

• Holiday

What is meant by opportunity cost?

• Cost of production

• Profit from a sale

• Next best alternative forgone

• Price of capital goods

What causes scarcity?

• High demand

• Unlimited resources

• Limited resources and unlimited wants

• Market failure

Which is not a factor of production?

• Labour

• Capital

• Revenue

• Enterprise

A consumer good is

• Used to produce other goods

• For final consumption

• A factory machine

• A raw material

Primary sector involves:

• Teaching

• Farming

• Manufacturing

• Retailing

Which business is in the secondary sector?

• A clothing factory

• A fruit farm

• A supermarket

• A hospital

A tertiary sector business provides:

• Machinery

• Natural resources

• Services

• Raw materials

The chain of production begins with:

• Retail

• Secondary

• Primary

• Tertiary

Which is a characteristic of a successful entrepreneur?

• Avoiding risks

• Passive attitude

• Risk-taking

• Laziness