WorksheetsM5 Chapter 1-2 Key Terms
Total questions: 27
Worksheet time: 27mins
Page 2. (a) : desire for goods and services.
Page 3. (a) : factors used to produce goods and services.
Page 3. (a) : unlimited wants exceeding finite resources.
Page 3. (a) : a situation where there is not enough to satisfy everyone's wants.
Page 4. (a) : a product which requires resources to produce it and therefore has an opportunity cost.
Page 4. (a) : a product which does not require any resources to make it and so does not have an opportunity cost.
Page 8: (a) : human-made goods used in production.
Page 8. (a) : goods and services purchased by households for their own satisfaction.
Page 7. (a) :the economic resources of land, labour, capital and enterprise.
Page 7. (a) : gifts of nature available for production.
Page 8. (a) : human effort used in producing goods and services.
Page 8. (a) : risk bearing and key decision making in business.
Page 9. (a) : capable of changing use.
Page 9. (a) : incapable of moving from one location to another location.
Page 9. (a) : the ability of labour to change where it works or in which occupation.
Page 9. (a) : the ability to change where capital is used or in which occupation.
Page 10. (a) : the ability to change where enterprise is used or in which occupation.
Page 10. (a) : a person who bears the risks and makes the key decisions in a business.
Page 11. (a) : people in work and those actively seeking work.
Page 11. (a) : the output per factor of production in an hour.
Page 11. (a) : output per worker an hour.
Page 11. (a) : goods and services produced by the factors of production.
Page 12. (a) : spending on capital goods.
Page 12. (a) : total spending on capital goods.
Page 12. (a) :the value of capital goods that have worn out or become obsolete.
Page 12. (a) : gross investment minus depreciation.
Page 12. (a) : a reduction in the number of capital goods caused by some obsolete and worn out capital goods not being replaced.
