Economics and Business Basics - A revision

Question 1

Sugar can be a resource for making chocolate biscuits.

Accepted Answer

True

Question 2

Making choices is an important part of economics.

Accepted Answer

True

Question 3

Countries can ________ goods it can't produce enough of itself

Accepted Answer

import

Question 4

A camera operator is an example of an economic resource

Accepted Answer

True

Question 5

Individuals, countries or businesses can choose to specialise (focus on) particular goods and services when...

Accepted Answer

all of the above

Question 6

The four categories of economic resources (or "factors of production") are:

Accepted Answer

Land | Labour | Capital | Entrepreneurship

Question 7

The resources we use to produce goods or providing services

Accepted Answer

can be natural or artificial

Question 8

In economics, a __________ means where goods, services and resources can be exchanged.

Accepted Answer

market

Question 9

Each person, business, or country RELYING ON OTHERS to satisfy their needs and wants is called...

Accepted Answer

interdependence

Question 10

The economic problem of unlimited wants and needs, but limited resources is known as:

Accepted Answer

Scarcity

Question 11

Australia specialises in live sheep exports because...

Accepted Answer

Australia has vast land resources that can raise lots of sheep.

Question 12

A drought can affect the scarcity of which resource/s:

Accepted Answer

all of the above

Question 13

A parent's choice of school to send their child is an economic decision.

Accepted Answer

True

Questions 13