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Worksheets9 Business Basics
Total questions: 19
Worksheet time: 3mins
Economics is concerned with
how to produce more things
how to use limited resources to satisfy unlimited wants
trying to find a better job
how to raise the profit of a business
GDP is a figure that is useful in the study of Economics as it shows
how many people have a full time job in the economy
the amount that each person makes on average
the total value of goods and services produced in an economy in one year
the total area divided by the total population
Botswana is a low to middle income country located in
Northern Africa
Middle East
Southern Africa
South Asia
This business is involved in the retail industry
This business is involved in the transport industry
This business is involved in the hospitality industry
This business is involved in the tourism industry
In Economics, the idea of scarcity
impacts on decision making every day
is fundamental to understanding what the discipline is all about
is also connected with the idea of unlimited wants
all of these responses are important
From the information that you know, Australia's GDP per capita is approximately
US$16,000
US$56,000
US$24,000
US$61,000
Identify the want
Exercise book
Blue pen
Basketball shoes
School pants
Just like an individual, there are things that a ____________ wants and also things that it needs.
decision
investor
country
GDP
Comparing life expectancy in Botswana and Australia we
see life expectancy nearly twenty years longer in Australia
see not much difference in the relative figures.
see a slight advantage to Australia by two years.
life expectancy was not a data point on the PPT
A key skill expected in the Business classroom which is also an expectation of many employers is
highly developed inter personal skills
attention to detail and accuracy
the ability to collaborate and work effectively with others
all of these
Which is the bigger company by market value?
Microeconomics
deals with small elements of the economy or specific markets
is useful in conjunction with macroeconomics to make sense of the overall economy
helps to identify how individuals and businesses behave
all of these
The five economic questions are
what to produce, for whom to produce, when to produce, how much to produce, who makes these decisions
what to produce, for whom to produce, how much to produce, how to produce, who makes these decisions
what to produce, where to produce it, how much to produce, how to produce it, who makes these decisions
for whom to produce, why produce it, who makes these decisions, how much to produce
Electric vehicles make up what percentage of the overall car market in Australia?
0.9%
23.8%
9.4%
3.8%
Opportunity Cost
involves consideration of the next best option available to you
helps to evaluate the price of cars
identifies those things that you can not afford
helps to allocated resources to those who have none
Production involves
how to make and distribute things
providing goods and services
an interaction between buyers and sellers
all of these
Land, Labour, Capital and Enterprise are known as
the circular flow
the factors of production
the price mechanism
the free market
Capital goods are
higher cost generally
goods made for export
goods made by business for other businesses
goods made for consumers
Division of Labour is a critical element of modern economics as it allows for
lower levels of inlfation
greater levels of efficient production
greater job satisfaction
the ability to produce more advanced products
