Worksheets1.1 Business Activity (IG/AS)
Total questions: 10
Worksheet time: 9mins
(a) is the difference between the cost of purchasing raw materials and the price the finished goods are sold for
(a) is the next best alternative given up by choosing another item
(a) are the resources needed to produce good or services: land, labour, capital, enterprise
A baker has to choose between buying a new oven or a new sign for his shop. He chooses the new over, what is the opportunity cost?
(a)
Tick the advantages of division of labour/ specialisation
It saves time
higher productivity
if someone is absent, the production line could stop
employees might get bored
Tick the disadvantages of division of labour/ specialisation
Employees get skilled in one skill
movement around the factory is reduced and safety improved
less training is needed
employees might be dissatisfied
Unlimited wants + limited resources = (a)
a car, a new iphone and a vacation are all examples of (a)
water, food and shelter are examples of (a)
How can a hairdresser's increase their added value?
private consultations with the hairdresser
longer waiting times
new, more comfortable chairs
use more shampoo
