WorksheetsBusiness Activities
Total questions: 10
Worksheet time: 5mins
A ________ is a good or service essential for living.
Need
Want
A ________ is a good or service which people would like
to have, but which is not essential for living.
Need
Want
The skill and risk-taking ability of the person is known as:
Land
Labour
Capital
Enterprise
The finance, machinery and equipment needed for the
manufacture of goods is which factor of production?
Land
Labour
Capital
Enterprise
________ cost is the next best alternative given up by choosing another item.
Fixed
Variable
Opportunity
Semi-variable
Selling price of product minus material and bought-in costs equals to
Profit
Added Value
Loss
Total Cost
From the following which is an advantages of division of labour.
Workers can become bored doing just one job – efficiency might fall
If one worker is absent and no one else can do the job, production might be stopped
Workers are trained in one task and specialise in this – this increases efficiency and output
unlimited wants plus limited resources =
scarcity
opportunity cost
added value
specialisation
The government chooses to build the road so the school becomes the _________ cost.
Total
Fixed
Variable
Opportunity
Fields and forests, oil, gas, metals and other mineral resources are which factor of production?
Land
Labour
Capital
Enterprise
