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IGCSE Business Chapter 1 and 2 Review

Total questions: 27

Worksheet time: 13mins

Name
Class
Date
1.
Why does scarcity exist?
a)
Each year workers tend to produce less than previously 
b)
Machines wear out in time
c)
There are not sufficient resources to meet everyone's wants
d)
There is a limit to people's wants 
2.
Why will scarcity continue to be a problem in the future?
a)
Prices will rise
b)
Resources will always be finite 
c)
Needs will decrease in the future 
d)
World population will fall 
3.
What factor of production's function is to make decisions and take risks?
a)
Capital
b)
Enterprise 
c)
Land 
d)
Labour 
4.
What is meant by opportunity cost?
a)
The next best alternative foregone
b)
The cost of the item selected
c)
The cost of exploring business opportunities
d)
The labour used in producing the product 
5.
A need is
a)
something we have to have in order to survive
b)
something we have to have to make our life better
6.
A want is
a)
something we have to have in order to survive
b)
something we would like to have to make our life better
7.
Which are not a factors of production
a)
land
b)
rent
c)
capital
d)
interest
8.
 The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not 
b)
Goods are tangible and services are not 
c)
Services are available in unlimited quantaties and goods are not 
d)
goods help satisfy unlimited wants and services do not
9.
Which of the following is an example of PRIMARY business activity?
a)
Factories
b)
Shops
c)
Schools
d)
Farmers
10.
Which of the following is an example of SECONDARY business activity?
a)
School
b)
Factories
c)
Shops
d)
Farmers
11.
Which of the following is an example of TERTIARY business activity?
a)
Schools
b)
Farmers
c)
Fishermen
d)
Factories
12.
At which stage of business activity are trees chopped down?
a)
Primary
b)
Secondary
c)
Tertiary
13.
At which stage of business activity is wood made into tables?
a)
Primary
b)
Secondary
c)
Tertiary
14.
At which stage of business activity are the tables sold?
a)
Primary
b)
Secondary
c)
Tertiary
15.

Land, labour, capital and enterprise are collectively known as

a)

Goods and services

b)

Business cycle

c)

Factors of production

d)

Output

16.

Organisations run by central or local government are often referred to as

a)

Private sector

b)

Voluntary sector

c)

Public sector

d)

Mixed economy

17.
Division of labour can be defined as:
a)
Workers specialise on just one task and become better at it.
b)
Workers become specialist in all jobs.
c)
All firms only have one worker
d)
No workers are employed as machines always do all the work.
18.
Examples of tertiary sector companies include...
a)
Farming, fishing, mining
b)
Transport, banking, teaching, nursing, police
c)
Building, processing food, manufacturing
19.

Which is a disadvantage of 'division of labour'?

a)

workers and trained in one task & specialised in this, increasing efficiency.

b)

Quicker & cheaper to train workers as fewer skills need to be taught.

c)

Workers can become bored from doing just one job - efficiency might fall.

d)

Less time is wasted moving from one workbech to another.

20.

What is 'added value'?

a)

is the next best alternative given up by choosing another item.

b)

is the difference between the selling price of a product and the cost of bought-in materials and components.

c)

It's a good or service essential for living.

d)

is the lack of sufficient products to fulfil the total wants of the population.

21.

Which of these business activities are usually NOT in the public (government) sector?

a)

grocery stores

b)

health

c)

defence

d)

public transport

22.

What is de-industrialisation?

a)

The period of social and economic change that transforms a society from an agrarian one into an industrial one.

b)

Economic resources are owned, planned and controlled by the state.

c)

Important industries are brought under government ownership.

d)

it occurs when there is a decline in the importance of the manufacturing of a country.

23.

Another name for 'Land, Labour, Capital & Enterprise'

a)

The economic problem

b)

Specialisation

c)

Factors of production

d)

Mixed economy

24.

What is an 'entrepreneur'?

a)

A person in charge of the business strategy.

b)

A person who lends the funds to set up a new business venture.

c)

A person who organises, operates and takes the risk of a new business venture.

d)

A group of people in charge of creating the business plan of a new venture.

25.
Which of the following is a basic need?
a)
love
b)
belonging
c)
shelter
d)
safety
26.

The decline of a country's traditional manufacturing industry

a)

Globalisation

b)

Mechanisation

c)

Quaternary industry

d)

Deindustrialisation

27.

What is the key word for the reduction in industrial activity?

a)

Post - industrial economy

b)

Deindustrialisation

c)

Industrialisation

d)

Secondary Economy

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