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Worksheets7 EMS Revision: Production & Economic Growth
Total questions: 20
Worksheet time: 10mins
All of the economic inputs that are required to produce goods and services are called:
Factors of production
Supply
Demand
Capital goods
The physical effort of people to produce goods or services describes which factor of production?
Land
Capital
Labour
Entrepreneurship
The ideas and emotional drive a person has to produce something that other people will want to buy describes which factor of production?
Capital
Labour
Entrepreneurship
Land
What is the best explanation of factors of production?
Raw materials used to produce products
Labour and materials
Money and financing
Resources used by a company to produce good and services
Which of the following does not fall within the category of land as a factor of production?
A building
Trees
Coal
Water
Iron, minerals, coal and plants are examples of which productive resource?
Land
Labour
Entrepreneurship
Capital
Which factor of production would you consider a lawn mower?
Land
Labour
Capital
Entrepreneur
What does Gross Domestic Product
mean?
The total value of all goods and services a country imports.
The total value of all goods and services a country exports.
The total value of all goods and services produced within a country in one year.
The net loss in profits within a country due to imports.
The___________ a country’s GDP, the better the country’s standard of living.
lower
greater
smaller
answers 1 and 3 are correct
What are natural resources?
resources that are gone from nature
resources that are manufactured for the environment
resources that are considered worthless
materials or substances that occur in nature and can be used for economic gain.
Why is it beneficial for a country to have an abundance of natural resources?
countries that have a lot of natural resources are able to use them to produce goods and services cheaper than a country that has to import them. Therefore, a country with a lot of natural resources usually has a greater GDP than a country with little natural resources.
countries with a lot of natural resources are usually taken over by other countries and don't have to worry about paying for anything
they cannot become communist
there is no advantage since most natural resources are worthless
What are capital goods?
goods that are produced in the capital
the factories, machinery, and technology used to produce goods and services
goods that are produced without natural resources
goods that are produced by the government
South Africa's economy expands at a rate of 3%. What necessarily follows from this statement?
There was increased demand which caused inflation.
The cost of living rose by 3%
There was positive economic growth
The output of the industrial sector rose by 3%
What is productivity?
working on products
goods that are produced
amount of goods or services workers can produce in a period of time
Sustainability refers to the process of using resources so as not to....
deplete them.
re-use them.
reduce them.
recycle them.
