Worksheetsbusiness studies
Total questions: 8
Worksheet time: 6mins
What is the economic problem?
It is the total wants of a population.
It is when there are only limited resources to satisfy the unlimited needs and wants.
It is the total needs of a population.
What are some of the ways of adding value?
Offering convenience
Custom made capital
Customized services
Advertising
What is the third stage of production?
(Two word answer)
(a)
What is not a disadvantage of specialization?
There will boredom for the workers
If there is a machine breakdown the whole production process will be stopped
Time is saved as the workers become more efficient
(a) is all the resources provided by nature.
(One word)
Is risk taking ability of the person, who is normally is the owner of the business.
Capital
Labour
Enterprise
Entrepreneur
These businesses are not owned by the government.
(Two word answer)
(a)
What are some characteristics of entrepreneurs?
Risk taking
Creativity
Capital
Opportunity cost
Hard working
