WorksheetsOpportunity cost and specialization - 8th IIT
Total questions: 10
Worksheet time: 5mins
The value that you or a company has to give up to get something else.
Opportunity cost
Quality assurance
Quality control
Marketing
When people, companies, or regions decide to focus on a specific task this is called...
specialization
target audience
target market
Specialization can happen at different levels.
True
False
Example of specialization at employee level...
the skilled carpenter who focuses on producing high-quality violins.
The local accountants who focus on doing other people's tax calculations.
The Santos region in Brazil specializes in coffee production.
Example of specialization at the business level...
Japan specializes in technology and computing
Nestlé specializes in chocolate production
A mortgage adviser for a bank
Example of specialization at region level...
Audi specializes in making cars.
The Santos region in Brazil specializes in coffee production.
The Ivory Coast specializes in the production of cocoa
What is psychic profit?
Non-financial rewards
Magical power
Specialization is always the best option for countries.
True
False
When countries are specialized in one kind of product...
resources are used more effectively.
resources are not used effectively.
Opportunity cost can be applied to more areas than just business.
True
False
