EMS Grade 8 Question Preview (ID: 42601)


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What do business owners need to provide customers
a) Goods and services
b) Bad service
c) Nothing
d) Goods only

The business uses factors of production. What is another name for factors of production
a) Sales
b) Profits
c) Resources
d) None

Often resources are short in supply. This is known as
a) Bank overdraft
b) scarcity
c) Supply and demand prinicple
d) None

What are the four factors of production
a) Capital
b) Labour and Entrepreneurship
c) Natural resources
d) All

What can Capital be?
a) Financial Capital (money)
b) Machinery to make goods
c) All
d) None

How many types of Capital is there:
a) 1
b) 3
c) 4
d) 7

Name the types of Capital
a) Borrowed Capital
b) Own Capital
c) Other forms of Capital
d) All

Definition of Borrowed Capital
a) Money that is a gift
b) Money borrowed by the Business owner to establish and RUN the business
c) Money that is received without needing to pay it back
d) None

Definition of own Capital
a) Banks are more willing to lend money to entrepreneurs who have invested some of their own money
b) This money was saved and invested by the owner (entrepreneur)
c) Money that the owner uses to start up his company
d) All

Definition of other forms of Capital
a) Goods that help produce your product
b) Buildings, roads
c) Machines, Factories
d) All

Capital goods have the following features
a) Can be used to produce other goods and services
b) Human made, stock items and value can be calculated at a point in time
c) Not used up immediately in the process of production
d)

What is labour
a) The physical and mental efforts used to produce goods and services
b) Mental effort used to create both products and services
c) The supply of labour depends on certain factors
d) All

Supply of labour depends on the following factors
a) Size of population
b) Geographical distribution in relation to businesses
c) Level of education and trainng
d) All

Supply of labour depends on the following factors
a) Organisation of labour i.e trade unions
b) Composition of gender and age
c) Level of training and education
d) All

Labour Continuum
a) Unskilled
b) Semi Skilled
c) Skilled
d) all

Definition of unskilled labour
a) No skills training or experience
b) involve simple duties
c) eg. maid
d) All

Definition Semi Skilled labour
a) Worker that have more training and skills than unskilled worker
b) Less training than a skilled worker
c) eg. electrcian
d) All

How many Laws protect workers
a) 3
b) 4
c) 5
d) 3 including the CCMA

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