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WorksheetsIGCSE Economics-Introduction to Business Terms Test
Total questions: 10
Worksheet time: 5mins
In a local market, Stephanie notices that the number of apples available for sale is equal to the number of apples that customers want to buy. What is the role of Equilibrium in this market?
To maximize profits
To balance supply and demand
To increase production
To reduce costs
In a local market, April and Rain are selling fruits. When the number of fruits they have matches exactly with the number of customers wanting to buy them, what happens in the market?
Prices fluctuate rapidly
Supply exceeds demand
Demand exceeds supply
Supply equals demand
In a small town, Ammar and Mason own competing coffee shops. What does their business competition refer to?
Collaboration between companies
Rivalry among companies to attract customers
A monopoly in the market
Government regulation of businesses
Siwoo is starting a new manufacturing business. What does 'capital' include in the context of production for his business?
Tools, machinery, and buildings
Natural resources like water and minerals
Human creativity and innovation
Land and soil
What is an example of 'capital' in a factory setting where Thomas works?
The factory building
The factory workers
The raw materials
The factory manager
Mason and Stephanie are discussing the different sectors of the economy. Mason mentions that the secondary sector is responsible for manufacturing finished goods. What is an example of a finished good produced by the secondary sector?
Raw materials
Retail services
Cars
Healthcare
During a school project, Thomas and Muizz decided to explore different sectors of the economy. They learned that one sector provides services rather than goods. Which sector were they studying?
Primary
Secondary
Tertiary
Quaternary
As industrialization progresses, Muizz and Westy notice that the focus shifts towards what?
Land and labor
Capital
Natural resources
Manual workforce
In a developed country, Thomas and WenChong are discussing the importance of a skilled labor force. What do they believe is the primary role of this skilled labor force?
To increase manual labor
To drive economic growth
To reduce capital investment
To focus on natural resources
As Mehran studies the growth of his local economy, he notices that certain aspects evolve over time in economic development. What evolves over time in economic development?
Natural resources
Factors of production
Population size
Government policies
