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- 1. Multiple Choice
What is the economic problem?
It is the total wants of a population.
It is when there are only limited resources to satisfy the unlimited needs and wants.
It is the total needs of a population.
- 2. Multiple Choice
What are some of the ways of adding value?
Offering convenience
Custom made capital
Customized services
Advertising
- 3. Fill in the Blank
What is the third stage of production?
(Two word answer)
- 4. Multiple Choice
What is not a disadvantage of specialization?
There will boredom for the workers
If there is a machine breakdown the whole production process will be stopped
Time is saved as the workers become more efficient
- 5. Fill in the Blank
______ is all the resources provided by nature.
(One word)
- 6. Multiple Choice
Is risk taking ability of the person, who is normally is the owner of the business.
Capital
Labour
Enterprise
Entrepreneur
- 7. Fill in the Blank
These businesses are not owned by the government.
(Two word answer)
- 8. Multiple Choice
What are some characteristics of entrepreneurs?
Risk taking
Creativity
Capital
Opportunity cost
Hard working
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