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WorksheetsCommerce 10 Review: Production
Total questions: 55
Worksheet time: 28mins
Barter system is the exchange of goods and cash.
True
False
There are no problem faced when people are using barter system.
True
False
Many farmers getting paid through corps, clothes and other items.
True
False
Which of the following is not a characteristic of money?
Divisibility
Portability
Acceptability
Responsibility
The ability to use an asset as a medium of exchange describes its....
portability
scarcity
durability
liquidity
What is the Bahamian money backed by?
Frankincense
Gold
Silver
Trust that it is worth something
Economic freedom can include the ability to chose what to buy and the ability to work at the profession of your choice.
True
false
The least desirable alternative somebody gives up as a result of a decision is the opportunity cost.
true
false
A market is any arrangement that allows buyers and sellers to exchange things.
true
false
Profits are the rewards entrepreneurs receive for taking a risk of starting a business.
true
false
A traditional economy relies on innovation and new technology.
true
false
Free market economies are, also called free enterprise systems.
True
False
Consumers buy products, which greatly influences this type of economy__________.
mixed
market
command
An indian tribe living in a village and bartering for goods they need are an example of ______________.
mixed economy
traditional economy
command economy
Which economy type is controlled by the government?
controlled
market
traditional
Primary Production is _______?
When you offer a service
Involves the removal of raw materials from the earth
The making of products
The selling of goods or services
Select the list of activities associated with primary production.
Farming Potatoes
Catching fish
The building of furniture
Selling books
Mining bauxite
All of these are industries in the primary sector EXCEPT?
Agricultural Industry
Tourist Industry
Fishing Industry
Forestry Industry
The sector that involves manufacturing.
Primary
Secondary
Tertiary
Quaternary
What sector is the chef of a restaurant working in?
Primary
Secondary
Tertiary
Quaternary
Which is the most dominant sector in a country that is at a low level of development?
Primary
Secondary
Tertiary
Quaternary
3 types of tertiary jobs
banker,teachers,doctor
doctor,teacher,steel making
fishing,hunting,astronaut
Insurance is an example of
primary sector
agriculture
tertiary sector
WHAT ARE THE 4 FACTORS OF PRODUCTION?
Land, Capital, Need & Want
Land, Labor, Capital, Entrepreneurs
Water, Air, Food & Shelter
Land, Capital, Good & Service
WHAT IS LABOR?
work people do for pay to produce good and services
actions people do for other people
any physical object
The money people get for inheritance
_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES
Entrepreneurs
Capital
Labor
Land
_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.
Entrepreneurs
Capital
Labor
Land
This factor involves money, equipment, and tools and any items to produce goods and services?
capital
entrepreneur
land
labor
Producing only enough to meet the basic needs of the family is called?
Domestic Production
Subsistence Production
Surplus Production
This level of production allows a country to earn foreign exchange from the selling of its products.
Subsistence Production
Domestic Production
Surplus/Export Production
Selling goods at your local market is which level of production?
Domestic Production
Export/Surplus Production
Subsistence Production
This picture BEST shows which level of production?
Domestic Level
Subsistence Level
Surplus/Export Level
If Jamaica is able to produce enough goods to satisfy the needs of persons in the country, Jamaica is practicing which level of production?
Domestic Production
Export Production
Subsistence Production
When China sells its products to other countries, this is which level of production?
Subsistence Level of Production
Domestic Level of Production
Surplus/Export Level of Production
Which is NOT a function of a small business
Creates employment
Provides services large firms are not willing to produce
Often reply on the use of local materials
Cater to niche markets
What is a 'niche market'
A small target group of customers who prefers a particular product or serive
A large target group of customers
Customers who do not know what they prefer
A market that is too small to produce for
Maintaining a good relationship with customers is a disadvantage for a small business owner
TRUE
FALSE
Which is an advantage of a small business?
Creates employment in the local community
Lack resources necessary to offer a rage of products
Does not generate income
Business is a sole trader
Why may banks and other lenders be reluctant to give loans to small business owners?
The owner does not have enough capital
Small business owners cant offer a wide range of products
It is risky because small business owners have few assets
The banks do not care about small business owners
Small businesses and cottage industries are the same
TRUE
FALSE
Which of the following falls under cottage industry?
The Village Corner Store operated by Tanty Pam on the busy junction.
The local barbershop operated in the community mall.
The large supermarket at the mall.
The seamstress operating at her home.
Which is NOT a characteristic of cottage industry?
Based at home
Labour- intensive production
Use of local resources
Highly trained employees
A cottage industry can BEST be described as ____
A business with one person responsible for all aspects
A business that builds homes
A business carrying out production at home
A business catering to the needs of the local community
Linkage Industries are ______
closely connected to each other
part of the public sector
capital intensive
engaged in mass production
Which of the following is a forward linkage?
A farmer providing manure for other farmers
A farmer buying fertiliser from garden store
Oil manufacturer buying bottles from bottle manufacturer
Bottle manufacturer buying petroleum from crude oil industry
Forward linkage is where_______
one industry provides raw materials for another
one industry depends on another for their raw materials
one industry sells their product to the public
one industry buys their materials from a manufacturer
All are examples of backward linkages except _______
Ma Jo selling mangoes for the Tropical Juices factory
Tropical Juices buys boxes from Winey's Cardboard Factory
Fast food restaurant buying oil from oil Factory
An advantage of the linkage industry is _______
It provides a guaranteed market for your product
It provides a guaranteed source for your raw materials
It is cheap and easy to set up
It makes use of local resources
