WorksheetsChapters 1 + 2 Review
Total questions: 14
Worksheet time: 28mins
What am I? Extracts natural resources and produces raw materials (crude oil, iron ore, forestry, agriculture, fishing).
Tertiary sector
Needs
Public business
Primary production
The importance of the primary, secondary and tertiary sector depends on... (2 answers)
the % of total workers employed in each sector
how many people are happy
the value of output of products as a proportion of total national output
the amount of imports vs the amount of exports
What am I?
Selling some public sector companies to private sector investors.
Entrepreneur
Interdependence
Privatization
Industrialisation
An advantage of privatization is: Private businesses may be run more (a) .
What are the four factors of production?
In your own words, what is the economic problem?
Advantages of the division of labor:
Workers are trained in one task and specialize in
this – this increases efficiency and output
If one worker is absent and no one else can do the job, production might be stopped
Workers can become bored doing just one job – efficiency might fall
Quicker and cheaper to train workers as fewer
skills need to be taught
Why can't the economic problem ever be solved?
It can.
Wants are unlimited
People will always have needs.
All of the above.
Heavy rain caused floods in an area of a country.
What may be an opportunity cost of repairing the damage caused?
the decline in the tourist industry in the area
the cost of providing shelter for those made homeless
the loss of profits from businesses affected by the flood
the allocation of government funds to the area instead of on a new airport
Finish the sentence: Added value is...
(only 1 answer is perfectly correct)
the value added by the work or processes carried out by the business
the difference between costs and selling price
the amount of money a company makes
profit
List 3 ways a company can add value. Mark them 1, 2, 3.
What am I?
An economy with both private and public sector activity.
Privatisation
Mixed economy
Tertiary Sector
Outsourcing
What am I?
the process through which cities grow, and higher and higher percentages of the population comes to live in the city
Outsourcing
A mixed economy
Privatisation
Urbanisation
Why might the primary sector lose importance?
Living standards rise
Urbanisation
Depletion of natural resources
All of the above
