Definitions
Name 4
True or False
Examples
Scenarios
100
Needs
This refers to the goods or services that are necessary for survival.
100
Name four basic human needs
Food, clothing, shelter, and water
100
Wants are unlimited.
True
100
Give an example of a want.
A new phone, a holiday, [your options]
100
You decide to study for a test instead of going to the cinema with friends. What is this an example of?
Opportunity cost
200
Factors of production
The resources needed to produce goods and services - land, labour, capital, and enterprise
200
Name four factors of production
Land, labour, capital, and enterprise
200
Scarcity and economic problem are the same thing.
False
200
Give an example of opportunity cost.
Various answers possible, e.g., "Choosing to spend money on a new laptop instead of a vacation"
200
A company decides to have one department handle customer service and another handle product development. What is this an example of?
Division of labour
300
Opportunity cost
This is the cost of the next best alternative that is given up when a choice is made.
300
Name four ways to add value
Branding, product features, improved service, convenience
300
Land and labour are factors of production.
True
300
Give an example of one of the following factors of production: enterprise, capital, land
Various answers possible, e.g., "Factory machinery (capital)"
300
A business improves the design of its product to make it more appealing to customers. What is this an example of?
Adding value
400
Specialisation
People and businesses focus on a particular area or aspect of work.
400
Name three types of goods and services. Then, explain how one of them can be classified as either durable or non-durable.
Consumer goods, consumer services, and capital goods. Consumer goods: durable, like cars, used over time; non-durable, like food, which are used up and need replacement
400
This is an example of one of the factors of production
True (machinery, tools, equipment - capital)
400
Give an example of specialisation.
Various answers possible, e.g., "A doctor specialising in cardiology"
400
A bread factory's work process is: kneading the dough, shaping the bread, baking, packaging, and selling. What is this an example of?
Stages of production
500
Division of labour
Production is divided into separate tasks among workers who focus on just one skill.
500
Name four benefits of division of labour (the word 'efficiency' is not allowed:D)
Improved quality, higher output, jobs become easier to learn, time saved, [your option]
500
This is an example of one of the factors of production
True (This is Elon Musk, entrepreneur who sets up businesses - an example of enterprise)
500
Give an example of a way to add value to this product:
Various answers possible, e.g.,
- Create special edition packs around popular themes, movies, or characters to attract different audiences.
- Include additional features like custom rule cards or promotional tie-ins.
- Develop a digital version of the game for smartphones and tablets, which could potentially include in-app purchases.
- Offer customer customization, such as allowing purchasers to have their names or images printed on the cards.
500
Question from the team with the highest score ^O^
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