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WorksheetsIGCSE BUSINESS ACTIVITY
Total questions: 45
Worksheet time: 1hrs 2mins
A good or service that people would like to have, but is not required for living is called
Want
Needs
Interest
Desire
A good or service that is essential for living is called
Want
Needs
Interest
Desire
Scarcity is the main economic problem. What is scarcity?
It is a situation that exists when there are unlimited wants and limited resources to produce the goods and services to satisfy those wants
the next best alternative forgone by choosing another item
is the physical and mental efforts put in by the workers in the production process
is the finance, machinery and equipment needed for the production of goods and services
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 items
There are too many factors of production
Which of the following is NOT a factor of production?
oil reserves
factory buildings
skilled labor
music CDs
Division of labor can be defined as
Workers specialize on just one task and become better at it
Workers become specialist in all jobs
All firms only have one worker
No workers are employed as machines always do all the work
One of the drawbacks to division of labor is that
output and efficiency falls
workers spend time on training to do several different jobs
workers can become bored through concentrating on one job
no machinery is used and this slows down production
Which of the following is NOT the example of Capital
Money
Building
Staff
Machinery
The next best alternative given up by choosing another item is the definition of?
Scarcity
Opportunity cost
Purchase
Business activity
Land, labour, capital and enterprise are collectively known as
Goods and services
Business cycle
Factors of production
Output
Which of the following is NOT a factor ofproduction?
oil reserves
factory buildings
skilled labour
a play station
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
________ 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.
What do you call a person, business or other organisation which buys goods or services from a business?
Seller
Customer
Employee
Employer
Businesses need to carry out market research so that they can identify consumer__________ and ___________?
wants and needs
wants and feelings
spending and budget
income and needs
Which of the following is NOT part of business activity?
Making laws for the country
Using resources
Producing goods or services
Trying to make a profit
Which of the following is best described as a want rather than a need?
Holiday
Food
A home
Basic medicine
The main output of an airline is .........
A service
A good
The main output of a car manufacturer is ..........
Goods
Services
How can a business increase added value?
The difference between the cost of raw material and the selling price of a product/service
Added value
Revenue
Margin
Mass consumption
The difference between the selling price and the cost of production is known as
Added value
Revenue
Profit Margin
Mass consumption
Division of Labour can be defined as ....................
the breaking down of work into smaller units
a condition in which one has to work to earn a living
In Division of Labour,each worker handles a specific task
True
False
What is Specialization?
Becoming an expert in a particular craft or skill
Production of more goods and services in a shorter time
Which of these is an advantage of Division of Labour?
It quickens the speed of work
It wastes time and energy
Which is not true about division of labour?
Large scale production
Requires less training
Highly repetitive work
Which of the following is a disadvantage of division of labour?
Increased Flexibility of workers
Reduced total cost of producing goods
Repetitive jobs
Specialization focuses on producing______________.
a variety of activities or products.
one particular kind of activity or product.
What causes boredom in division of labour?
Increased efficiency
Doing the same work
Less time required to complete work
Land, labour, enterprise and capital are all examples of (a) in the production process.
What does "Jack of all Trades" mean?
a person named Jack
a person who trades with Jack
a person who does multiple tasks
a person who trades with everyone
How can you use division of labor at home?
each of my family members can make their own sandwich
mom can make sandwiches while we watch TV
mom gets the bread on plates, brother puts mayo, sister puts ham, dad puts cheese, and I close the sandwich and add chips
mom makes sandwiches, dad gets drinks, and siblings and I relax
In division of labour, each worker handles a specific task
True
False
Kathy, Sue, and Christina own a bakery. Each day all three women spend hours baking cakes, decorating cakes, and packaging cakes. Which economic concept would help them become more efficient?
Scarcity
Productivity
Specialization
Interdependence
The iPhone, designed in the United States and produced with the help of programmers in India and laborers in China and in the Democratic Republic of the Congo, was used to represent which of the following sociological concepts?
division of labor
mechanization
outsourcing
weak ties
Which of the following is not an advantage of Division of Labour?
Raising living standards
Resources are saved
Greater risk of unemployment
Raising labor productivity
