1) What is the economic problem? a) Unlimited resources and limited wants. b) Unlimited wants but limited resources. c) Limited wants and resources. d) Unlimited goods and services. 2) Define a 'need' in the context of the economic problem. a) A good or service essential for living. b) A good or service people want but don’t need. c) A luxury item that improves life. d) A product that is optional for survival. 3) Define a 'want' in the context of the economic problem. a) A good or service essential for living. b) A good or service which people desire but is not essential. c) A necessity for day-to-day survival. d) A requirement to fulfill basic needs. 4) What is 'opportunity cost'? a) The amount of money spent on goods. b) The benefit lost when the next best alternative is chosen. c) The cost of producing an additional product. d) The financial cost of a decision. 5) List the four factors of production. a) Land, capital, goods, technology. b) Goods, services, labour, materials. c) Resources, labour, innovation, entrepreneurship. d) Land, labour, capital, enterprise. 6) What is 'specialisation'? a) A business focusing on producing a wide range of goods. b) Concentrating on what people and businesses do best. c) Hiring employees to perform multiple tasks. d) Using general resources to produce as many products as possible. 7) Define 'added value'. a) The difference between cost and revenue. b) The increase in price over the cost of production. c) The difference between the selling price and the cost of bought-in materials. d) The extra profit a business makes from sales. 8) What is the role of 'enterprise' as a factor of production? a) Managing production and distribution. b) Combining the factors of production and taking risks. c) Providing financing for raw materials. d) Creating innovative products using technology. 9) Why does scarcity occur in the economy? a) Resources are unlimited. b) The population doesn't need many goods. c) There is too much money in circulation. d) There are limited resources but unlimited wants. 10) Explain the term 'division of labour'. a) When one person performs all tasks in production. b) When the production process is split into different tasks, each performed by different workers. c) When workers alternate between tasks every day. d) When machines take over part of the production process. 11) What is the impact of specialisation on production? a) It increases efficiency and output. b) It decreases worker skills. c) It lowers the overall production capacity. d) It increases the time taken to complete tasks. 12) How does added value benefit a business? a) It allows the business to cover costs and make a profit. b) It increases production costs. c) It helps businesses lower their selling price. d) It reduces the amount of material required for production. 13) What are 'goods' and 'services'? a) Goods are physical items, services are non-physical items. b) Goods are luxury products, services are necessary items. c) Goods are products bought for resale, services are consumer goods. d) Goods are intangible, services are tangible. 14) Explain the term 'scarcity'. a) Lack of resources to fulfill all wants. b) Availability of enough resources to fulfill all wants. c) Surplus of products in the market. d) Unlimited supply of goods and services. 15) What is the significance of 'land' as a factor of production? a) It refers to the natural resources used in production. b) It represents the buildings and machinery a company uses. c) It refers to the number of people employed. d) It represents financial resources in a business. 16) How does opportunity cost affect decision-making? a) It leads to higher production costs. b) It forces choices between competing alternatives due to limited resources. c) It eliminates the need for trade-offs. d) It increases the resources available for production. 17) What are the advantages of specialisation for businesses? a) It increases costs and reduces worker efficiency. b) It increases efficiency and reduces costs. c) It decreases the need for skilled workers. d) It increases the production time for goods. 18) Why might a business want to increase its added value? a) To cover other costs and potentially increase profit. b) To lower the selling price. c) To reduce the quality of the final product. d) To minimize labour costs. 19) What is the difference between 'primary', 'secondary', and 'tertiary' sectors in business? a) Primary is manufacturing, secondary is farming, tertiary is services. b) Primary is raw materials, secondary is manufacturing, tertiary is services. c) Primary is services, secondary is raw materials, tertiary is manufacturing. d) Primary is retail, secondary is services, tertiary is manufacturing. 20) What is the relationship between scarcity and opportunity cost? a) Scarcity creates opportunity cost because choices must be made between competing alternatives. b) Scarcity leads to lower opportunity costs. c) Scarcity reduces the need for opportunity cost. d) Opportunity cost eliminates the need for scarcity.

AO1 (Knowledge and Understanding) Year 10

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