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WorksheetsChapter 1 and 2 Revision (Economics)
Total questions: 22
Worksheet time: 22mins
Why does scarcity exist?
Each year workers tend to produce less than previously
Machines wear out with time
Not enough resources to produce all the needed products
People’s wants are limited
Why will scarcity continue to be a problem in the future?
Prices will rise
The amount of resources will decrease
People's wants will increase
The world's population will decrease
Which of the following is a free good?
Free sandwiches given away by a restaurant to attract customers
Recycled paper
Bottled water
Wind
Desires for goods and services is ....
Wants
Scarcity
Resources
Goods
A situation where there is not enough resources to satisfy everyone’s wants.
Wants
Scarcity
Resources
Goods
Factors used to produce goods and services
Wants
Scarcity
Resources
Goods
The Economic Problem is...
Not having enough resources to produce all the people's wants
Not having enough money to buy what you need
Not having enough needs for all the available products
All the answers are correct
A product which does not require any resources to make it and so does not have any cost to use it
Economic goods
Free goods
Rare goods
None of the answers is correct
A product which requires resources to produce it and has a cost to use it.
Economic goods
Free goods
Rare goods
None of the answers is correct
Which of the following is an economic good?
Water in a river
Light from the sun
Olive oil
Wind
Which factor of production’s function is to make decisions and take risks?
Land
Capital
Labour
Enterprise
A "road" is considered...
Land
Capital
Labour
Enterprise
Coal and Iron ores are considered ...
Land
Capital
Labour
Enterprise
A road sweeper, a steel worker and a bank manager are all considered...
Land
Capital
Labour
Enterprise
Human effort used in producing goods and services.
Land
Capital
Labour
Enterprise
Any human made goods used in production.
Land
Capital
Labour
Enterprise
Any natural resources available for production.
Land
Capital
Labour
Enterprise
Land is ...
occupationally mobile, but geographically immobile
occupationally immobile, but geographically mobile
occupationally and geographically immobile
occupationally and geographically mobile
The ability of workers to change where they work or in which occupation is called...
Mobility of enterprise
Mobility of capital
Mobility of land
Mobility of labour
The ability to change where man-made goods and resources are used or in which occupation is called...
Mobility of enterprise
Mobility of capital
Mobility of land
Mobility of labour
A person who bears the risks and makes the key decisions in a business is called...
CEO
Inventor
Entrepreneur
Manager
The ability to change where the administration of a business is used or in which occupation is called...
Mobility of enterprise
Mobility of capital
Mobility of land
Mobility of labour
