1. What is the economic problem?
- The cost of the good forgone when an option is chosen
- An unlimited amount of resources but limited wants.
- An unlimited amount of wants but limited resources.
- Exploiting a need in the market
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2. What is division of labour?
- When half the workers rest while the others work, as to create a constant supply line
- When production is split into different tasks and each worker performs one of these tasks
- When all workers get equal pay
- When a firm scales back production
3. What a sole trader?
- Someone who runs a business by themselves
- A firm with unlimited liability
- Someone who trades the soles of footwear
- Someone who trades in the shoe market
4. What are cooperatives?
- Firms that are owned and run by a group of people who have a shared interest in the business.
- A Small to medium sized businesses with private shares.
- When an individual buys a ready made business from an established company
- Two or more people starting up a firm
5. Who wouldn't be a stakeholder of a Welsh mining firm.
- The government
- The owners
- People from England