Y8 Economics Revision

The study of economics is primarily concerned with:

• demonstrating that advanced economies are better than less developed nations

• determining the most fair distribution of society's output.

• keeping private businesses from losing money.

• choices/decisions that are made due to lack of resources

What do economists mean by the term "scarcity"?

• Having too few or too little of resources

• Having too many resources

• Having just enough resources

• Having the correct amount of resources

Which of these is an example of land from the factors of production?

• Sheep

• Hammer

• Factory worker

• Business owner

A crane operator would be which of the factors of production?

• Land

• Labour

• Capital

• Enterprise

A computer is which of the factors of production?

• Land

• Labour

• Capital

• Enterprise

Which factor of production means the ability to combine the other three to make a good or service?

• Land

• Labour

• Capital

• Enterprise

A lawyer is an example of which of the factors of production?

• Land

• Labour

• Capital

• Enterprise

Iron Ore is an example of which of the factors of production?

• Land

• Labour

• Capital

• Enterprise

What two things go from households to businesses in the circular flow model? [You need to select two options]

• Consumer expenditure

• Labour

• Income

• Goods and Services

What are the three economic questions? [You need to select three options]

• What to produce?

• How to produce?

• For whom to produce?

• How much to charge?

• How many to produce?