IGCSE Economics-Introduction to Business Terms Test

IGCSE Economics-Introduction to Business Terms Test

9th Grade

10 Qs

quiz-placeholder

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IGCSE Economics-Introduction to Business Terms Test

IGCSE Economics-Introduction to Business Terms Test

Assessment

Quiz

Social Studies

9th Grade

Medium

Created by

David smith

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Answer explanation

Equilibrium in a market is crucial as it represents the point where supply equals demand, ensuring that resources are allocated efficiently. This balance prevents shortages and surpluses, making 'to balance supply and demand' the correct choice.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Answer explanation

When a market is in equilibrium, supply equals demand. This means that the quantity of goods supplied matches the quantity demanded, leading to stable prices and no excess supply or demand.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Answer explanation

Business competition refers to the rivalry among companies to attract customers. This competition drives innovation and better services, unlike collaboration, monopolies, or government regulation.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Answer explanation

In the context of production, 'capital' refers to tools, machinery, and buildings used to create goods and services. These are essential for enhancing productivity, unlike natural resources, human creativity, or land.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Answer explanation

In a factory setting, 'capital' refers to physical assets used in production. The factory building is a key example, as it provides the space and infrastructure necessary for operations, unlike workers, raw materials, or management.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Answer explanation

Cars are a finished good produced by the secondary sector, which involves manufacturing and processing. In contrast, raw materials are inputs, retail services are part of the tertiary sector, and healthcare is a service.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Answer explanation

The tertiary sector focuses on providing services, such as healthcare, education, and retail, rather than producing goods. This distinguishes it from the primary sector (raw materials) and secondary sector (manufacturing).

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