What are the factors of production?

Land, labour, enterprise, capital

Profit is defined as the...

Revenue gained from business activity that exceeds expenses

What is opportunity cost?

The cost of passing on an alternative choice

The five sector model is made up of...

Household, Firm, Financial, Government & Foreign

What is the economic problem?

Unlimited needs and wants with limited resources

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Yr 8 Economics

19 termsStudBud Administration93 plays

This is a revision quiz aimed at year 8 level students

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Questions 19

Answers

1
The concept of people having unlimited wants, but society can't meet everyone's wants.
Selfishness
Scarcity
Opportunity Cost
Entrepreneurship
2
Gross Domestic Product helps measure a countries...
Work ethic
Goods
Unemployment
Standard of Living
3
What are the factors of production?
Capital, force, ability, labour
Earth, Water, Air, Fire
Land, labour, enterprise, capital
Intelligence, ability, land, labour
4
Tertiary Sector?
A sector composed of only government owned buisnessess
The third level
Turns raw materials into products
Provides services to consumers
5
Limited resources + Unlimited _____ + _____ = Economic Problem
Essentials + Desires
Money + Debt
People + Time
Needs and Wants
6
Money, tools, and equipment needed for production of products or services.
Entrepreneurship
Land or Natural Resources
Labour or Human Resources
Capital Resources
7
Goods produced and used to make other goods and services like tools are called ___________.
services
natural resources
human resources
capital resources
8
Profit is defined as the...
Amount received for a product
Money a business spends on buying capital goods
Tax you pay to the government
Revenue gained from business activity that exceeds expenses
9
The hair stylist provides a ______.
Consumer
Good
Service
Need
10
The measure of the goods and services produced using labor and property located in a country.
consumer price index
gross domestic product
productivity
inflation
11
An example of a capital resource is...
Farmer
Wood
Teacher
Hammer
12
Which is not one of the five types of industry?
Primary
Quinary
Septenary
Tertiary
13
What is opportunity cost?
The benefit from making a choice
The cost of passing on an alternative choice
The cost of not being active in economics
Making a problem worse than it already is
14
Social science that deals with the production, distribution & consumption of goods & services
Factors of production
Socialism
Entrepreneurship
Economics
15
When you go to buy a car, you are a _________.
producer
service
good
consumer
16
Water, trees, soil, fish stocks, air and climate
Land
Reserves
Assets
Capital
17
Consumers and producers are...
Interdependent
Independent
Individual
Antagonistic
18
The five sector model is made up of...
Needs, Wants, Services, Producers & Goods
Resources, Firms, People, Banks & Markets
Household, Firm, Financial, Government & Foreign
Labour, Land, Enterprise, Capital & Economy
19
What is the economic problem?
Unlimited needs and wants with unlimited resources
Unlimited needs and wants with limited resources
Limited needs and wants with unlimited resources
Limited needs and wants with limited resources

Yr 8 Economics Flashcards | StudBud