1) Needs a) are desires that people believe their lives will be better if they are satisfied b) are necessary for survival 2) Land a) is the physical and mental effort of a human to produce goods and services. b) are the man made resources used in production. c) refers to the natural resources or gifts of nature that are used in the production process 3) Labour a) refers to the natural resources or gifts of nature that are used in the production process b) is the physical and mental effort of a human to produce goods and services c) are the man made resources used in production 4) Capital a) are the man made resources used in production b) refers to the natural resources used in the production process c) the physical and mental effort of a human to produce goods and services 5) Subsistence level is a) the excess of production or supply b) that human wants are unlimited but the resources required to produce these are finite c) where people need to consume everything they produce simply in order to survive 6) The basic economic problem is that human wants are limited but the resources used to produce these wants are unlimited. a) True b) False 7) Division of labour by product is a) the breaking down of a complicated process into simple repetitive tasks. b) the dividing the making a product into different stages 8) Division of labour by process is a) the breaking down of a complicated process into simple repetitive tasks b) the dividing the making a product into different stages 9) Mechanisation is the use of machinery to assist with the production of goods and services. a) True b) False 10) An advantage of division of labour is that a) workers become more efficient at their job b) workers become less efficient at their job 11) An advantage of division of labour is that businesses will spend more time and money on training staff a) True b) False 12) A disadvantage of division of labour is that tasks are repetitive for workers a) True b) False 13) A disadvantage of division of labour is that the business may experience a a) low turnover of staff due to staff being highly motivated b) a high turnover of staff due to a lack of motivation

S1 Economics Revision

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