WorksheetsIGCSE Business Activity Quiz
Total questions: 13
Worksheet time: 12mins
What is NOT a factor of production?
Labour
Land
Capital
Equity
What is the business term used to describe the difference between the selling price of a product and the cost to make the product?
Opportunity Cost
Added Value
Specialisation
Scarcity
What is Opportunity Cost?
The next best alternative given up by choosing another item.
The unlimited supply of resources.
The limited supply of resources.
Satisfying customer needs.
What is a need?
A product that makes a profit.
A good or service consumers want to buy.
A good or service essential of living.
When consumers get what they require to satisfy their needs.
What helps businesses operate more efficiently?
Specialisation
Added value
Supply
Resources
What is a disadvantage of specialisation and division of labour?
It's cheaper for the business.
It's quicker to train workers.
Workers may get bored doing just one job.
Time is wasted.
What is the economic problem?
Consumers wants change over time.
There is too many product options.
We do not have enough time to consume all the products offered.
We do not have all the resources to satisfy all our wants.
A business has 1 million baht to invest in one of the three options: A new retail shop, upgrading all the ITC equipment in the company or developing a new product.
The business decides to invest the 1 million baht in developing a new product.
What is the opportunity cost for the business
The new product development.
Opening the retail shop and upgrading the business's technology.
Not being able to sell the new product.
There is no opportunity cost.
A hair salon decides to offer customers half price manicure when getting their hair done. The selling price of a hair cut is $15 and it costs the salon $6 per hair cut. The full cost of a manicure is $10 and costs the salon $2. The new total cost of a hair cut with manicure is $20.
What is the added value for the salon?
$20
$5
$12
$8
Scarcity in business and economics refers to:
A) the unlimited wants of humans.
B) the abundance of resources.
C) the limited availability of resources relative to unlimited human wants.
D) the efficient allocation of resources.
Which of the following actions would most likely increase the added value of a product?
A. Reducing the production cost.
Increasing the selling price.
Improving the quality of the product.
All of the above.
A customer is someone who:
A. Uses a product or service.
B. Purchases a product or service.
C. Resells a product or service.
D. Both A and B.
What is the main purpose of division of labor?
A. To increase efficiency and productivity.
B. To reduce the number of workers needed.
C. To make jobs more complex.
D. To create a more equitable distribution of work.
