WorksheetsBusiness Activity
Total questions: 20
Worksheet time: 12mins
________ is a good or service essential for living
Want
Desire
Needs
Factor of production
Mineral resources are an example of the factor of production of_________
land
labor
capital
enterprise
When making a choice the next best alternative we give up is referred to as__________
factor of production
opportunity cost
scarcity
specialisation
If one worker is absent from the production line and no one else can do their job, this is a disadvantage of______
added value
there being four factor of production
people having unlimited wants
division of labor
A business that makes ice cream buys ingredients at a cost of $1 per ice-cream. It spends $1000 on expenses and $200 per day on wages. The ice cream sells for $4 each and the business makes 1000 ice creams per day. How much is the added value of each ice cream?
$1.80
$3.00
$2.00
$2.50
People have limited wants
True
False
Scarcity results from limited resources and limited wants
True
False
Oil is an example of capital
True
False
Business are only owned by private individuals.
True
False
Added value can be increased by raising prices
True
False
All businesses combine the factors of production to make products that satisfy people's wants
True
False
Added value does not include profit
True
False
What are the factors of production for land
wood
chef
factory
farmers field
What are the examples of labor
Truck
manager
chef
lorry
What are the examples of capital
the owner of sole trader
wood
a manager of a business
trucks
The economic problem exist because people have unlimited (a) .
There are never enough (a) to produce the goods and services to satisfy these wants.
_________of labour is when the production process is split up into different tasks.
Adding
Division
Reduce
Hire
Choice is necessary when resources are scarce. This leads to_________
Opportunity cost
limited supply
specialization
added value
Which one is the advantage of division labor?
workers may leave their jobs because they are bored
If a worker is absent others workers do not do their job so production may stopped
workers only do one job so is quicker and cheaper to train
workers only do monotonous job and leads to a lack of motivation and lower efficiency
