Economics

Question 1

Economics

Answer 1

Is the study of how people, businesses and governments who have limited resources ( e.g. Money ), make choices and decisions to meet their needs

Question 2

Economic resources

Answer 2

Are the factors ( things ) used to produce and distribute goods and services to businesses or people

Question 3

Factors of production

Answer 3

Are the economic resources needed to produce goods and services e.g. Land, labour, capitan amd enterprise

Question 4

Land

Answer 4

Anything produced by nature to produce goods or services e.g. Fields or forests

Question 5

Labour

Answer 5

These are the people involved in making or producing a good er service e.g. Teachers or factory workers

Question 6

Capital

Answer 6

This refers to the physical items used in making goods and services e.g. Machinery or computers

Question 7

Enterprise

Answer 7

This factor of production brings land, labour and capital together to produce a product or service e.g. Steve jobs, mark Zuckerberg.

Question 8

BEN AND JERRYS

Land

Answer 8

Cows that produce the milk graze on the land, while sugar beet and fruit are grown to make flowerings

Question 9

BEN AND JERRYS

Labour

Answer 9

Ben and Jerrys employ staff to produce ice cream

Question 10

BEN AND JERRYS

Capital

Answer 10

Machinery and equipment are required to make the ice cream,while delivery vans are needed to deliver in shops

Question 11

Enterprise

BEN AND JERRYS

Answer 11

Ben Cohen and Jerry Greenfeild founded the business by investing $12,000 opening a shop in a farmer gas station in Vermont, USA in 1978 after they complimented a course in the ice cream making

Question 12

The 4 factors of production and their reward

LAND

Answer 12

Rent

Question 13

The 4 factors of production and their rewards

LABOUR

Answer 13

Wages

Question 14

The 4 factors of production and their reward

CAPITAL

Answer 14

Interest

Question 15

The 4 factors of production and their reward

ENTERPRISE

Answer 15

Profit