DIP – Tutorial 1 Lim Sei cK

Instructions You will have a total of 10 questions to answer. You will have to copy down the questions and answer them accordingly. You will have 10 minutes for each question. [Total marks: 100]

Q1. The factors of production Define: A) Land B) Labour C) Capital D) Entrepreneurship

Q2. What are the rewards of: A) Land B) Labour C) Capital D) Entrepreneurship

Q3. Fill in the blanks with the correct word. A) A __________ can be defined as an organization that provides goods and services to others who want or need them. B) ___________ are tangible things that are produced, bought or sold, then finally consumed. C) ___________ are sometimes referred to as intangible, in the sense that you cannot touch or handle them. D) The output from production is ___________

Q4. Goods or services? A) Games consoles B) Dental treatment C) DVD players D) Accountancy E) Take-away pizzas F) Insurance G) Food H) Holidays I) Clothing J) Music downloads K) Projector L) Watching a film M) Keyboard N) Having a hair-cut

Q5. True or False? 1) Businesses provide goods and services. 2) To be able to provide goods and services, businesses need to be able to turn outputs into inputs. 3) Turning inputs into outputs is known as the production process. 4) Turning outputs into inputs is known as the production process. 5) A business needs resources in order to trade.

Q6. Inputs into the production process include: A) B) C) D) E) F)

Q7. Three main groups of transformation process. Traditionally, the outputs from the transformation process will fall into these three groups: A) B) C)

Q8. Primary? Secondary? Tertiary? Many farms in Britain (farming = __________ sector) produce processed foods such as cheese and ice- cream from farm supplies (___________sector) and also offer holiday accommodation (____________ sector)

Q9. What is the word? 1. The secondary sector is also often referred to as the “_________________”. 2. The main cost of a service business is the ____________ involved. 3. ____________ is defined as the creative energy and force that gets a business started and drives it forward. 4. _____________ are the actual users of the goods or service.

Q The [INPUTS / OUTPUTS] from the production process are the finished goods and services. 2. Outputs are bought by [CUSTOMERS/CONSUMERS] – the people who pay. 3. [CONSUMERS / CUSTOMERS] are the actual users of the goods or service.

End of Tutorial. Submit your answers individually. Make sure you have written your full name. You may go after you have submitted your work. See you next week.