WorksheetsUnderstanding Business Activity
Total questions: 16
Worksheet time: 8mins
Businesses including farming, fishing, forestry & the extraction of natural resources e.g. oil, minerals etc.
Tertiary Sector
Primary Sector
Secondary Sector
The economic problem
Land, labour, capital and enterprise are collectively known as
Goods and services
Business cycle
Factors of production
Output
Which of these is the best definition of the ‘economic problem’?
People do not have enough money.
There are not enough resources to satisfy people’s wants.
There are too many factors of production.
The amount of something produced by a person, machine or industry.
Which of the following is NOT a factor of production?
oil reserves
factory buildings
skilled labour
stock exchange
What is 'added value'?
is the next best alternative given up by choosing another item.
is the difference between the selling price of a product and the cost of bought-in materials and components.
It's a good or service essential for living.
is the lack of sufficient products to fulfil the total wants of the population.
Organisations run by central or local government are often referred to as
Private sector
Voluntary sector
Public sector
Mixed economy
Which of the following is NOT a factor of production?
oil reserves
factory buildings
skilled labour
a play station
Which of these business activities are usually NOT in the public (government) sector?
grocery stores
health
defence
public transport
