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- 1. Multiple Choice
What are the four factors of production?
Capital, Enterprise, Land, Producers
Consumers, Enterprise, Land, Labour
Capital, Enterprise, Land, Labour
Capital, Workers, Land, Labour
- 2. Multiple Choice
Which of these is NOT an example of a CAPITAL resource?
Factory
Tools
Machine Equipment
Water
- 3. Multiple Choice
Which of these is a LAND resource?
(more than one answer)
Steel pipes
Forests
Bricks
Minerals
- 4. Multiple Choice
An example of a LABOUR resource is a...
Entrepreneur
Painter
Business Director
Books
- 5. Multiple Choice
An example of an ENTERPRISE resource is...
Factory worker
Builder
Teacher
Business Owner
- 6. Multiple Choice
Which of these is a definition for ENTERPRISE?
The different ways we are able to produce a good or service
The skills or talent required that bring together the other resources together successfully
How we use the factors of production in the economy
Using the land and labour to make a large profit for a business
- 7. Multiple Choice
Another word for 'SCARCITY' is...
Unlimited
Supply
Limited
Similar
- 8. Multiple Choice
The study of how people and society use resources to satisfy their needs and wants
The three economic questions
Economics
The economic problem
Scarcity
- 9. Multiple Choice
The way we distribute scarce resources to producers and consumers
Factors of production
Allocation of resources
The economic problem
Scarcity
- 10. Multiple Choice
Opportunity cost is...
The cost of one good compared to another
The total cost of all goods and services in society
The cost of the next best alternative use of resources
The cost of something I want vs something I need
- 11. Multiple Choice
What Factors of Production are shown in this image?
(more than one answer)
Enterprise
Capital
Land
Labour
- 12. Multiple Choice
I'm allowed ONE of these animals for my birthday. I decide to pick the dog on the left.
What is my opportunity cost?
The dog
The price of the dog
The cat
The price of the cat
- 13. Multiple Choice
What is the economic problem?
We do not have enough resources to satisfy our unlimited wants and needs
We focus on our wants more than our needs
Society does not have enough money to solve every problem
Societies struggle to work together to solve bigger picture problems
- 14. Multiple Choice
A system of production, resource allocation, and distribution of goods and services within a society
Distribution System
Society System
Economic System
Production Process
- 15. Multiple Choice
The three basic economic questions societies must ask are:
Where to produce?
How to produce?
What to produce?
What to produce?
How to produce?
For whom to produce?
Where to produce?
What to produce?
For whom to produce?
What to produce
When to produce
For whom to produce?
- 16. Multiple Choice
A 'NEED' is something that...
will add value to your life
you desire but could live without
is needed to survive
creates a higher standard of living
- 17. Multiple Choice
A 'WANT' is something that...
is needed to survive
improves your standard of living
an individual desires, but would be able to live without
adds value to your life
- 18. Multiple Choice
TRUE or FALSE
Consumers are people who buy things to use
TRUE
FALSE
- 19. Multiple Choice
TRUE or FALSE
Producers are people or businesses who make and sell goods & services for a profit.
TRUE
FALSE
- 20. Multiple Choice
Standard of living is a term to describe...
The way we live our life on a 'day-to-day' basis
The average quantity and quality of goods & services that people in a country can afford to consume
The total amount of goods & services that we own in a household
How our living is impacted by economic factors that we are able to control with our choices.
- 21. Multiple Choice
The exchange of goods & services among buyers and sellers
Society
The economy
Economics
Market
- 22. Multiple Choice
A 'LABOUR' resource refers to
Natural resources such as coal or water
The amount of people working for a business
Human resources such as workers
The Physical effort required to complete a task
- 23. Multiple Choice
The resource 'LAND' refers to...
Natural resources such as coal or water
human resources such as workers
manufactured resources such as equipment
management resources, such as skills or talents
- 24. Multiple Choice
The resource 'CAPITAL' refers to...
Management resources such as skills or talents
Human resources such as workers
Natural resources such as coal or water
manufactured resources such as equipment
- 25. Multiple Choice
Another way of saying "Who to produce for" is...
Who's producing
For whom to produce
- 26. Multiple Choice
In the circular flow model, the money received from households comes from:
The sale of labour resources by households to firms
The sale of capital resources by households to firms
The sale of land resources by households to firms
all the above
- 27. Multiple Choice
In the Circular Flow Model, another word for Expenditure is....
Taxation
Consumption
Income
Resources
- 28. Multiple Choice
Which of the following is NOT an example of a leakage from the circular flow model
Taxation
Savings
Government spending
None of the above
- 29. Multiple Choice
If the price for a product rises, then...
the quantity demanded will fall
the quantity demanded will rise
there will be no change
- 30. Multiple Choice
If a surplus exists in the market for hashbrowns, we can assume...
the price of hashbrowns will rise
the price of hashbrowns will fall
the supply of hashbrownswill increase
the supply of hashbrowns will decrease
- 31. Multiple Choice
If quantity demanded exceeds quantity supplied, then...
Price will rise
Price will fall
Price is at equilibrium
Price will stay the same
- 32. Multiple Choice
Which of the following are NOT reasons for the government to intervene in the economy?
MORE THAN ONE ANSWER
A flood destroys crops
Provide essential services to Australians
A heatwave reduces livestock numbers
COVID-19 lockdowns meant people lost their job
- 33. Multiple Choice
Complete the definition for Factors of Production
________ _________ divided into 4 categories, land, labour, capital enterprise
Economic help
Production methods
Economic resources
Economic problems
- 34. Multiple Choice
The way participants in an economy rely on each other to provide or trade the goods and services they cannot produce themselves:
Economics
Interdependence
Scarcity
Market
- 35. Multiple Choice
In the Circular Flow of Income, another word for 'Resources' is:
Factors of Production (CELL)
Firms
Investment
Households
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