Font size
WorksheetsBusiness Activity
Total questions: 20
Worksheet time: 20mins
Land, labour, capital and enterprise are collectively known as
Goods and services
Business cycle
Factors of production
Output
Organisations run by central or local government are often referred to as
Private sector
Voluntary sector
Public sector
Mixed economy
Which of these is the best definition of the ‘economic problem’?
People do not have enough money.
There are not enough resources to satisfy people’s wants.
There are too many factors of production.
The amount of something produced by a person, machine or industry.
Which of the following is NOT a factor ofproduction?
oil reserves
factory buildings
skilled labour
a play station
Which of the following characteristics does a successful entrepreneur have? You may find more than one option. Tick all answers that apply...
Creative / innovative
Willing to take calculated risks
Determined & resilient
Risk averse
Confident & good at communication
What might an entrepreneur risk when starting up a business? You may find more than one option. Tick all that apply...
They might have invested their own personal savings
Relationships with family & friends might suffer due to long hours
Giving up a job / steady income
Getting rich if the business does well
Which of the following is a benefit of being a Sole Trader?
The owner has limited liability
Finance can be raised by selling shares to friends and family
The owner has complete control over business decisions
Workload can be shared between the owners
Which of the following is an internal stakeholder of a business?
The government
A supplier
A customer
An employee
Why is the government a stakeholder of most businesses?
The government owns all businesses
The government receives dividends from all businesses
The government receives taxes from businesses
The government wants businesses to fail so that unemployment rises
________ is a good or service essential for living
Want
Desire
Needs
Factor of production
Mineral resources are an example of the factor of production of_________
land
labor
capital
enterprise
Oil is an example of capital
True
False
Business are only owned by private individuals.
True
False
All businesses combine the factors of production to make products that satisfy people's wants
True
False
What are the factors of production for land
wood
chef
factory
farmers field
What are the examples of labor
Truck
manager
chef
lorry
What are the examples of capital? You may find more than one option
the cash money invested by the owner
wood
a manager of a business
trucks
What is an 'entrepreneur'?
A person in charge of the business strategy.
A person who lends the funds to set up a new business venture.
A person who organises, operates and takes the risk of a new business venture.
A group of people in charge of creating the business plan of a new venture.
None of the above options
