WorksheetsRevisit Business Activity 1
Total questions: 10
Worksheet time: 20mins
Which of these is the best definition of the 'economic problem'?
people do not have enough money
Not enough resources to satisfy people's wants
Not enough wants for the unlimited resources to satisfy
There are too many factors of production
Which of the following is NOT a factor of production?
Gold reserves
Vehicles
Manager
Microsoft Teams
Division of labour is:
Workers become specialist in all jobs
Workers specialise on just one task
All firms have only one worker so jobs are divided between firms
No workers are employed as machines always do all the work
The best definition of a business is an organisation that:
Is owned by the government
produces only goods and services that satisfy people's basic needs
Buys products from other firms and sells them to consumers for a profit
combines the factors of production to make products that satisfy people's needs and wants
If a designer buys cloth for $30 and makes a suit that he sells for $70 then he has:
Made a profit on the suit of $40
Added $40 of value to the material
Incurred no opprotunity cost in making the suit
Used his own labour as the only factor of production in making the suit
Primary stage of production is concerned with:
Providing services
Extracting natural resources from the earth
Converting natural resources into finished goods
Transporting finished goods to final consumers
Which of the following businesses are found in secondary sector?
Gold mining company
Farming business
Tour operator
Construction company
In a mixed economy, which of the following groups industries are most likely to be owned by the government?
Hotels and resorts
Electricity and public transport
Taxi services
Online retailing portals
Privatisation means:
Converting private limited companies into public limited companies
Converting a partnership into a private limited company
Selling a state owned industry to the private sector
Buying a private sector business by the government
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