Business Activities

A ________ is a good or service essential for living.

• Need

• Want

A ________ is a good or service which people would like

to have, but which is not essential for living.

• Need

• Want

• The skill and risk-taking ability of the person is known as:

• Land

• Labour

• Capital

• Enterprise

• The finance, machinery and equipment needed for the

  manufacture of goods is which factor of production?

• Land

• Labour

• Capital

• Enterprise

________ cost is the next best alternative given up by choosing another item.

• Fixed

• Variable

• Opportunity

• Semi-variable

Selling price of product minus material and bought-in costs equals to

• Profit

• Added Value

• Loss

• Total Cost

From the following which is an advantages of division of labour.

• • Workers can become bored doing just one job – efficiency might fall

• • If one worker is absent and no one else can do the job, production might be stopped

• • Workers are trained in one task and specialise in this – this increases efficiency and output

unlimited wants plus limited resources =

• scarcity

• opportunity cost

• added value

• specialisation

The government chooses to build the road so the school becomes the _________ cost.

• Total

• Fixed

• Variable

• Opportunity

• Fields and forests, oil, gas, metals and other mineral resources are which factor of production?

• Land

• Labour

• Capital

• Enterprise