EMS Grade 8 Question Preview (ID: 42605)
EMS.
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What do Entrepreneurs do
a) Stimulate the economy by providing jobs
b) Opportunities for other entreprenuers
c) Generate profit that can be taxed by government
d) All
Remuneration of Factors of Production - meaning of remuneration
a) To be payed
b) Any form of payment
c) All
d) None
Labour (part of the factors) Payment
a) Can be paid either wages (weekly or biweekly)
b) paid with a salary (monthly)
c) Skilled workers are scarce so they are paid MORE for their efforts
d) All
Capital (part of the factors) remuneration
a) Interest is charged for money borrowed from the bank
b) Rent is paid for use of land or building
c) All
d) None
What are overhead costs/expenses
a) Paid for services rendered
b) Paid for work done
c) All
d) None
Different Markets
a) Goods and Services Market
b) Factor Market
c) Goods only market
d) 1 and 2
What are goods and services Market
a) Place where goods and services are sold
b) Market can be a physical place
c) It can be virtual
d) All
How many markets are in the goods and services market
a) 1
b) 3
c) 2
d) 7
These are the following markets
a) Wholesale
b) Retail
c) Farmers, Craft and Flea market
d) All
Definition of Wholesale Market
a) They purchase large quantities of goods from different manufacturers (Makro)
b) Wholesaler packs into smaller quantities for customers
c) A small retailer can be the customer (SPAR)
d) All
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