HASS Economics

Question 1

What are needs used for?

Answer 1

Needs are needed for life

Question 2

What are wants?

Answer 2

Wants are unlimited.

Question 3

What is an economic problem?

Answer 3

Unlimited wants but limited resources.

Question 4

What is scarcity?

Answer 4

The more rare things are, the more they cost.

Question 5

What is an economic problem?

Answer 5

An imbalance.

Question 6

What are some scarce items?

Answer 6

Gold, Diamonds and Oils.

Question 7

Why is scarcity considered a problem?

Answer 7

Due to limited resources to meet their demands.

Question 8

What does each economic choice we make have?

Answer 8

1. Benefit
2. Opportunity cost

Question 9

What is opportunity cost?

Answer 9

The missed opportunity or what you gave up for making the choice or purpose.

Question 10

What are the four factors of production?

Answer 10

Capital, Entrepreneurship, Natural Resources and Labour

Question 11

What are capital resources?

Answer 11

Tools

Question 12

What is entrepreneurship?

Answer 12

Business skills

Question 13

What is labour?

Answer 13

Human effort

Question 14

What are Natural resources?

Answer 14

Raw materials

Question 15

List 3 capital resources

Answer 15

buckets, gloves and shovels

Question 16

List 3 business skills (Entrepreneurship)

Answer 16

hire, fire and pay/wages

Question 17

List 3 natural resources

Answer 17

food scraps, wood and animals

Question 18

List 3 examples of human effort (labor)

Answer 18

Truck driving, extracting oil or sorting waste

Question 19

What is the most convenient way to make money?

Answer 19

Profit

Question 20

What is profit?

Answer 20

the money earned after all expenses are made

Question 21

How do you gain a profit?

Answer 21

If you sell something for a higher price than how much you bought it for.

Question 22

What is a loss?

Answer 22

When you lose money after selling it for a less amount of money.

Question 23

What technique is best for businesses?

Answer 23

Productivity and specialisation

Question 24

What is productivity?

Answer 24

The amount of goods or services workers can produce in a period of time.

Question 25

Why is productivity important?

Answer 25

The more goods and services and less labour required make cheaper goods and services to make which is likely to make profits.

Question 26

What is specialisation?

Answer 26

Allows a business to focus its attention on what it doe best and be more productive.