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WorksheetsLuke's Economics
Total questions: 20
Worksheet time: 3mins
Name the 4 Factors of Production
Scarcity Wants Needs Capital
Capital Enterprize Labour Land
Capital Enterprise Labour Land
Land Labour Scarcity Needs
What could influence a 'Shift in Demand'?
Interest Rates
Trends
Price
Scarcity
What is the 'Basic Economic Problem'?
How to best use unlimited resources to satisfy the unlimited wants of people
How to best use limited resources to satisfy the unlimited wants of people
How to best use Land,Labour,Enterprise,Capital
The easiest way to spend money
How do you calculate 'Rate of Growth'?
Original GDP/Change in GDP × 100
Revenue × Total Cost / 100
Change in GDP/Original GDP / 100
Change in GDP/Original GDP × 100
Define 'Opportunity Cost'
The benefit forgone of the next best alternative
The drawback forgone of the next best alternative
The best opportunity for the youth so they can carry on the legacy of the government
The reward for saving and charge for borrowing money
What is the 'Equilibrium Price'?
Where Demand and Supply meet at £100
Where Demand and Supply meet
Where the Shift in Supply affects the Shift in Demand
How entrepreneurs decide what website maker to use
What would cause a shift in the Supply Curve?
Income of Customers
Tastes of Consumers
Price
Climate
What sector of people are not part of the economic groups?
Consumers
Producers
Entrepreneurs
Governement
What is 'Inelasticity'?
A situation in which the quantity demanded or supplied of a good/service is unaffected when the price changes.
A situation in which the quantity demanded or supplied of a good/service is affected when the price changes.
A situation in which the quantity demanded or supplied of a good/service is unaffected when the income of people changes.
A situation in which the quantity demanded or supplied of a good/service is affected when the income of people changes.
Which country produces the most manufactured goods?
India
Russia
North Korea
China
What is 'net pay'?
What you take home before any deductions are made
What you take home after deductions are made
What you take home after you pay VAT
What you take home after you finish work
What is a fall in the price of substitutes?
Shift in demand to the right
Shift in supply to the left
Shift in demand to the left
Shift in supply to the right
What is a 'Fixed Cost'?
The cost that is changed due to raw material costs
The costs that do vary with the amount of business activity
Firms raising in price in order to improve profitability
The costs do not vary with the amount of business activity
What is 'Perfect Competition'?
Where there is no change in market share
Where all firms sell identical products
Where no firms sell identical products
Where all firms zell identical products
What is a factor that affects price elasticity of supply?
Technological Progress
Government Policies
Availability of substitutes
Expectations
What causes shifts in the demand curve?
Price of Substitutions
Advertising
Climate
The price of a good
What is a benefit of Specialisation to the firm?
Production levels increase
Skills will be improved
More motivation to keep working
More money is spent on workers
Which one of these is an example of a tangible item?
A toy piano
Watching a football match
Getting an Uber
Brand Recognition
Which way does the demand curve slope?
Top Left ---> Bottom Left
Top Right ---> Bottom Left
Top Left ---> Bottom Right
Top Left ---> Top Right
Name one importance of the 'Financial Sector'?
Perfect Competition
Credit Provision
Increase In Raw Materials
Accepts deposits
