Economics Revison

What is the economic problem?

• Limited resources and limited wants

• Unlimited resources and limited wants

• Limited resources and unlimited wants

• Unlimited resources and unlimited wants

Which of the following is not a factor of production?

• Money

• Labour

• Enterprise

• Land

What does the factor of production 'labour' refer to?

• Physical machines used in production

• Human effort used in production

• The ability to take risks and manage businesses

• Natural resources from the earth

Which of the following is an example of 'capital' as a factor of production?

• A factory worker

• A plot of land

• A piece of machinery

• A business owner's decision-making

Who is the 'producer' in an economic transaction?

• The person buying a product

• The government

• The person selling a product

• The person setting the prices

What does the factor of production 'land' include?

• Natural resources like oil and forests

• Cash and savings

• Buildings and factories

• Computers and technology

Which of the following is the best example of 'enterprise' as a factor of production?

• The equipment used in a factory

• A company’s ownership of natural resources

• A worker’s physical labour in a factory

• A business owner's ability to innovate and take risks

What is the key challenge created by the economic problem?

• People don't have enough needs

• There are too many natural resources

• We must decide how to allocate limited resources

• Consumers do not want enough products
  
  

Which of the following is an example of 'labour' as a factor of production?

• A company’s office building

• A farmer growing crops

• A new software program

• A business loan

What does the factor of production 'capital' mainly refer to?

• The skills and knowledge of workers

• The tools, equipment, and factories used in production

• Natural resources like minerals

• The willingness to take business risks