WorksheetsYear 10 Business & Economics - Wk 1
Total questions: 10
Worksheet time: 14mins
In the circular flow model, the real flow (not money) from households to producers is:
Wages and salaries
Goods and services
Factors of production
Consumption expenditure
Which of the following is not a factor of production:
Land
Income
Labour
Capital
Equilibrium refers to a state in the economy where (a) are equal to injections
A decrease in taxation is an example of a decision made by which sector:
Household
Business
Financial
Government
Overseas
An economic problem faced by all is:
Unlimited needs and wants and limited resources to satisfy those needs and wants.
Excess resources which can bring about wastage
Scarce resources which can be used in many different ways so it is essential that the nation maximises opportunity cost
Limited needs and wants and unlimited resources to satisfy those needs and wants
The income type paid for land is (a)
Name one (1) leakage in the circular flow model
(a)
Name one injection in the circular flow model:
(a)
How do financial institutions serve as a link between savings and investment? (one or two sentences)
Interdependence refers to:
The cyclical relationship between the savings and investment sectors of the economy
The dependence of workers on wages
The reliance that exists between all participants in the economy on each other
Solving unlimited needs and wants with limited resources
