Any form of communication between buyers and sellers to negotiate the sale of a good or service.
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20
What are the 4 Factors of Production?
Capital, Entrepreneurship, Land (Natural Resources), Labour
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15
True or False: Supply is the quantity of a good or service that consumers are willing and able to purchase.
False
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15
What remuneration do shareholders get for providing capital?
Dividends
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20
Why is it risky to invest borrowed money rather than use your own money in your business?
Borrowed money must be paid back to the investor.
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15
True or False: A person who is well-educated and has a diploma or degree in a certain skill is seen as semi-skilled labour.
False
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10
Name two inputs in the production process of fried chicken
Answers will vary
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10
True or False: The following are characteristics of a good Entrepreneur- confident, hardworking, enjoy challenges, determined, enjoy taking risks and creative.
True
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15
What remuneration does a bank get for providing start-up capital?
Interest
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15
True or False: The goods and service market is also sometimes referred to as the product market.
True
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20
What is the difference between own and borrowed money?
Own money is capital an owner invests into a business from his own sources. Borrowed money is capital that is obtained from external sources.
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baam
Lose 5 points!
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seesaw
Swap points!
Okay!
rocket
Go to first place!
Okay!
thief
Give points!
5
10
15
20
25
baam
Lose 25 points!
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fairy
Take points!
5
10
15
20
25
shark
Other team loses 5 points!
Okay!
lifesaver
Give 25 points!
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20
Explain the interaction between households and businesses on the Factor Market
Households sell their factors of production to businesses in exchange for remuneration.
