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iGCSE1.1.1 Business Activity Revision Questions

The document contains 11 questions about economic concepts including human needs vs wants, scarcity, factors of production, opportunity cost, division of labor, business activity, added value, and ways retailers can add value. It asks the reader to define terms, provide examples, list concepts, and explain answers in short 1-3 sentence responses.

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pallavi shinde
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2K views1 page

iGCSE1.1.1 Business Activity Revision Questions

The document contains 11 questions about economic concepts including human needs vs wants, scarcity, factors of production, opportunity cost, division of labor, business activity, added value, and ways retailers can add value. It asks the reader to define terms, provide examples, list concepts, and explain answers in short 1-3 sentence responses.

Uploaded by

pallavi shinde
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1.

From the following list, decide which items are human needs and which are wants:

• Luxury House, Shelter, Coca-Cola, Car, Clean Water, Designer Jeans, Clothing [3]

2. Explain what is meant by scarcity when referring to the economic problem [3]

3. List the 4 factors of production and explain briefly and explain briefly why each
is necessary for production to take place [8]

4. Explain, with the aid of an example, what the term opportunity cost means to a
consumer [3]

5. Give 2 other examples of opportunity cost that would affect groups other than
consumers [2]

6. Explain what is meant by the term division of labour [2]

7. Why is a business likely to increase output if it adopts division of labour [2]

8. List 4 tasks involved in the making of cakes that could be given over to different
workers through division of labour [2]

9. State 3 benefits to society of business activity [3]

10. What is meant by added value [2]

11. Identify and explain 2 ways in which a retailer of clothes could add value to their
products. (Hint: the answer is not to buy more expensive clothes for the shop as
this will not necessarily add value.) [6]

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