Economy

Question 1

Needs

Answer 1

Basic items that we need for survival

Question 2

Wants

Answer 2

Non-essential items that we don’t need but they make us happy

Question 3

Relative Scarcity

Answer 3

Our wants are unlimited, but the resources required to fulfil them are limited

Question 4

Specialisation

Answer 4

Many countries in the world are un able to produce the variety of goods and services

Question 5

Trade

Answer 5

When a country gives something in return

Question 6

Opportunity Cost

Answer 6

Is when somebody misses out on by purchasing one item instead of another

Question 7

Land

Answer 7

The Natural resources businesses use to produce their goods or services.

Question 8

Labour

Answer 8

The employees and their skills that are needed to produce and sell goods or services.

Question 9

Capital

Answer 9

Man-made tools and materials the business needs to produce goods or services.

Question 10

Enterprise

Answer 10

The people who organise and manage the other 3 resources