Economics Y10 Chapter 1 EoT test

Question 1

name the factors of production

Answer 1

enterprise, capital, labour and land

Question 2

what is enterprise

Answer 2

the facotor of production that takes a risk in organising the other three factors of production

Question 3

what is an individual in enterprise called

Answer 3

entrepreneur

Question 4

what is capital

Answer 4

the factor that relates to the humna-made aids to production

Question 5

what is labour

Answer 5

the factor that is concerned with the workforce of an economy in terms of both the physical and mental effort involved in production

Question 6

what is land

Answer 6

the factor that is concerned with the natural resources of an economy

Question 7

is money a factor of production

Answer 7

no, it helps you acquire the factors

Question 8

what are factors of production

Answer 8

resources used in the production process

Question 9

what two aspects determine the efficiency of the factors

Answer 9

quantity and quality

Question 10

name some things which the efficiency of labour depends on

Answer 10

population size, migration, working age, education, health, training

Question 11

what are the 3 main economic groups

Answer 11

consumers, producers, government

Question 12

what do the econoic groups do

Answer 12

make decisions about goods and services

Question 13

what is a producer

Answer 13

a person, company or country that supplies goods and services and makes choices about what to produce and how

Question 14

what is a good

Answer 14

a tangible product

Question 15

what is a service

Answer 15

an intangible product

Question 16

what is the production

Answer 16

the total amount of goods and services produced by a firm or industry in a given time period

Question 17

what is interdependence

Answer 17

one economic group responding to the actions of another group

Question 18

what are the three parts of tax revenue

Answer 18

VAT, corporate tax and income tax

Question 19

what does VAT stand for

Answer 19

value-added tax

Question 20

what is the economic problem

Answer 20

the problem of choice that arises due to unlimited human want and the scarcity of resources having alternative uses

Question 21

what are wants

Answer 21

things a consumer has to improve their quality of life

Question 22

what are needs

Answer 22

things a consumer must have for survival

Question 23

is a work laptop a want or a need

Answer 23

need

Question 24

can consumers want a good or service that they cannot afford to buy

Answer 24

yes

Question 25

what are the three central problems of an economy

Answer 25

1) what to produce
2) how to produce it
3) whom to produce it for

Question 26

how can you solve the question of what to produce

Answer 26

produce things that consumers want to buy according to market analysis

Question 27

how can you solve the problem of how to produce a good or service

Answer 27

produce goods and services with as little waste as possible

Question 28

how can you solve the problem of whom to produce goods and services for

Answer 28

produce goods and services for those who are willing and able to buy it according to distribution of income

Question 29

what is the oppurtunity cost

Answer 29

the next best alternative given up when making a choice

Question 30

what is an economic choice

Answer 30

an option for the use of selected scarce resources

Question 31

what does economic suistainability consider

Answer 31

the cost in production and the price so that a firm/economy can grow over time

Question 31

what does social sustainability consider

Answer 31

how a choice affects a community’s quality of life and wellbeing

Question 32

what does environmental sustainability consider

Answer 32

the impact on the environment

Question 33

what does renewable mean

Answer 33

can be replaced as long as not overused

Question 34

what does non-renewable mean

Answer 34

cannot be replaced once used