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WorksheetsChapter 1 Business Activity
Total questions: 10
Worksheet time: 2mins
What is defined as a good or service essential for living?
A need
A want
A luxury
A desire
Which term describes a good or service that people would like to have but is not essential for living?
A need
A want
A necessity
A requirement
What is the economic problem as defined in the learning material?
Unlimited resources and limited wants
Limited resources and unlimited wants
Unlimited resources and unlimited wants
Limited resources and limited wants
Which of the following is NOT a factor of production?
Land
Labour
Technology
Capital
What does scarcity refer to in economic terms?
Abundance of resources
Lack of sufficient products to fulfill wants
Surplus of goods
Unlimited wants and resources
What is the definition of "Opportunity cost"?
The cost of producing one more unit of a good
The next best alternative given up by choosing another item
The total cost of all resources used in production
The financial cost of an investment
What does "Specialisation" refer to?
The process of creating a new product
The concentration on what people and businesses are best at
The division of tasks among employees
The increase in production costs
What is "Division of labour"?
The process of reducing the workforce
The allocation of resources to different sectors
The splitting of the production process into different tasks
The increase in the number of employees
What do businesses do according to the definition provided?
They focus on reducing costs by minimizing production.
They combine factors of production to make products that satisfy people's wants.
They specialize in a single product to maximize efficiency.
They outsource all production to reduce expenses.
What is "Added value" ?
The total cost of production including labor and materials.
The difference between the selling price of a product and the cost of bought-in materials and components.
The profit margin after all expenses are deducted.
The increase in value due to marketing and advertising efforts.
