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Consumers and Producers 8 Business Flashcards | StudBud
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Consumers and Producers 8 Business
Consumers and Producers 8 Business
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What is a Consumer or Producer?
Flashcards
17 cards
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Questions
17
Answers
1
Households pay for goods and services provided by businesses. This is using resources.
Consumables
Consumption
Consomme
Combustible
2
Which one of the following is not 'income'?
Wages
Interest on Bank account
Rent received
A Bill for stationery
3
Labour involves human input. It can be either physical or mental.
False
True
4
Producers are individuals & businesses involved in making goods and services
False
True
5
If a good or service is unprofitable, it is within the producer's interests to........
Stay with the one product
Diversify their product range
Divide their product range
To quit and close up shop
6
Interdependence is........
When one person relies on another
celebrating the anniversary of national independence
when you are capable of looking after yourself
when 2 or more people or groups rely on each other
7
A market is the organised exchange of goods & services between buyers & sellers.
True
False
8
It is assumed that producers engage in production only for profit.
True
False
9
Households and businesses are the 2 groups in the circular flow of income in the economy.
False
True
10
If there is low demand for a product but a high supply of it, the price of it is usually.......
High
Low
Discounted
Put on the 2 for 1 rack
11
Which one of the following is an Economic Resource?
labour
capital
All of the items
land
12
The consumer provides labour to businesses in order to produce goods and services.
True
False
13
The consumer relies on businesses to satisfy their needs and wants.
True
False
14
Consumers have unlimited needs and wants.
True
False
15
Economic resources are items required to produce goods and services.
True
False
16
Which one of the following is not 'labour'?
Teaching Year 8 Business
Reading a book
Serving customers
Digging a trench
17
The household sector refers to:
consumers
retailers
manufacturers
producers
