Year 9 Business - Participants in Economy Revision

When thinking about the factors of production, which of the following are examples of "land"? (Select all that apply).

• Iron Ore

• Wheat

• Building

• Chainsaw

The ............... is a term used by economists to refer to the total of all consumers in the economy. Fill in the blank.

• household sector

• business sector

• economy

• consumer demand

When thinking about the factors of production, "enterprise" refers to what? (Choose the most correct answer).

• All the producers in the economy seeking to provide goods and services to satisfy the wants and needs of households.

• The ability to recognise the demand for new goods or services, and to start up a new business or expand an existing business to attempt to satisfy consumer demand.

• Starting a new business.

• Large businesses or corporations in the economy with a lot of market power.

Which of the following are roles of the government sector? (Select all that apply).

• Build roads

• Open a new supermarket

• Provide welfare payments

• Collect taxes

• Lend money to businesses wishing to expand

Which of the following is a function of money? (Select all that apply).

• Medium of exchange

• Store of value

• Measure of value

• To make the world go around

The household sector provides the .................... required by the .................... to produce goods and services. (Fill in the blanks).

• labour, business sector

• capital, financial sector

• capital, government sector

• land, financial sector

Select the four factors of production:

• Land

• Labour

• Capital

• Enterprise

• Money

Consumer demand refers to which of the following:

• The amount of goods or services that consumers are willing and able to purchase at a particular point in time.

• When consumers get angry at the supermarket and demands goods and services.

• The individual demands of each consumer.

• The total number of consumers in the market.

Which of the following is NOT an example of "capital" when thinking about the factors of production?

• Pizza cutter

• Building

• Coal

• Cash register

How well do you think you understand the content on the economy so far?

• I am confident with the material so far and am happy to move on.

• I'm almost there, just a couple of things I will need to study but am happy to move on.

• I need another lesson to go over it again so I can get it.

• What class are we in?