Economics Questions

1. This is an area of the production, distribution, trade and consumption of

goods and services
a. Factory
b. Region
c. Economy
d. Trade Block

2. Fill in the blank fields below

The main players in an economy are household, businesses and the
______________.

3. All the factors of production which consists of land, labour and

___________are limited and this scarcity forces us to make choices.

4. Match the items on the listed at the top with the definitions listed at the
bottom.
Consumers , Producers , Government
- Spend income to buy the goods and services.
- Provide infrastructure for a stable economy.
- Use raw materials to make products.

5. Define the following:

Labour - ____________________________________
Capital - ____________________________________
Land - ____________________________________
Enterprise- _________________________________

6. Select the 3 main sectors in an economy from the list below.

-Factories or Manufactures
- Government
-Producers or Firms
-Consumers or Households
7. This is the action of making or manufacturing products from
components or raw materials
Consume
Demand
Production
Supply
8. Fill in the blanks.
Government, consumers, producers
________are the individuals in an economy who buy products and services.
________make products and provide services.__________ is responsible
for the management of an economy.

9. Select the influences that are considered when making economic

decisions
a. need to create profit
b. competition in the market
c. availability of resources
d. cost of operation

10. ___________ is the basic economic problem because of shortages in the

resources available to satisfy unlimited wants.