WorksheetsBusiness Studies Gr8
Total questions: 19
Worksheet time: 10mins
What’s the main economic problem?
Needs
Wants
Limited resources
Unlimited wants and limited resources
Needs are..
Things we like to have
Things essential for survival
Things we want
Mobile Phone
The four factors of production are
Land, capital, employees and owner
Land, labour, Capital and Entrepreneur
Manager, labour, entrepreneur and natural resources
Land, labour, capital and entrepreneurship
Two types of natural resources are
Economic resources and raw materials
Natural resources and man-made resources
Renewable and non-renewable resources
Opportunity cost is
A choice
Wants
The next best alternative forgone in terms of a choice made
Selection between two or more commodities
Economic goods are divided into
Consumer goods and producer goods
Durable consumer goods and Non-durable consumer goods
Public goods and Merit goods
Economic goods and private goods
Some examples or Internal stakeholders are;
Employees, managers, suppliers and government
Managers, owners, employees and supervisors
Government, employees, owner, investors
Employees, managers, investors and government
Assets are divided into
Current assets
Non-current assets
Capital
Non-current and current liabilities
The accounting equation is:
Assets=capital + liabilities
Liabilities + assets= capital
Capital + assets = liabilities
Capital = assets + liabilities
Three types or economies are
Command economy
Mixed exonomy
Market economy
Common economy
A market economic system is
All the economic activities owned and controlled by government
Where resources are allocated based on demand and supply
Both individuals and government involved
Economic activities owned and controlled by both private businesses and government
Identify a free good from the following
Classroom
Air
housing
Street lights
An example of land is
Technical staff
Gas
Gardener
Machinery
The reward for land is
Salaries and wages
Profit
Rent
Return on capital
Capital is divided into two. They are;
Interest and loan
Salaries and wages
Fixed and working
Profit or loss
An external stakeholder is;
Employee
Customer
Shareholders
Managers
Some examples of expenses of a business are;
Salaries and wages, rent and discount allowed
Salaries and wages, rent received and discount received
Salaries and wages, dividends received
Building and furniture
One role of ICT is
to find capital
To find total assets
Accuracy
To reduce liabilities
Promotion is classified into four categories and one of it is
Advertisement
Social media
Billboard
flyer
