Sections 1.1 and 1.2 | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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Why is de-industrialization occurring in developed economies?

Global shift in manufacturing to developing countries. Expansion of tertiary sector due to an increase in consumer spending on services.

The four factors of production are ____________.

Land, Labour, Capital & Enterprise

Public sector organizations are more likely to develop new and innovative products and production methods to reduce costs, boost sales and increase their profits. True or False?

False. Private sector businesses are more likely to act this way since they aim to maximize profits.

What type of economy has a large but shrinking primary sector?

Developing economy

How can a business try to increase its added value? Name at least 2 ways.

Increase the selling price (or) reduce the costs of raw materials.

___________ involves individuals and organizations focusing their resources on the range of tasks they perform best in order to maximize their efficiency.

Specialization

Which of the following is not a feature of public sector organizations?

D

Developed economies try to industrialize and focus more on the secondary sector. True or False?

False. They often de-industrialize and focus more on the tertiary sector.

Someone who starts, operates and assumes the risk of a business is known as an _____________.

Entrepreneur

The benefit lost by not consuming or producing the next best alternative option is called _____________.

Opportunity Cost

Name one advantage and one disadvantage of labour specialization.

Selling off or transferring public sector enterprises or activities to private sector firms is known as _______________.

Privatization

What is the formula for calculating value added?

Value Added = Selling Price - Costs of Raw Materials

What is the main aim or objective or public sector organizations?

To provide many beneficial or essential services such as healthcare, education or street lighting.