Production Decisions (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What are the three critical production decisions entrepreneurs must make?
What are the three critical production decisions entrepreneurs must make?
What, how much, and how to produce
Why do entrepreneurs succeed when operating in industries they understand?
Why do entrepreneurs succeed when operating in industries they understand?
Familiarity with preferences & networks
What is a niche market?
What is a niche market?
A segment defined by specific tastes
What is capital in economic terms?
What is capital in economic terms?
Manufactured products for production
What does overproduction lead to?
What does overproduction lead to?
Spoilage and waste
What are the four factors of production?
What are the four factors of production?
Natural resources, labour, capital, enterprise
What is depreciation?
What is depreciation?
Reduction in capital value from wear
How does labour productivity improve?
How does labour productivity improve?
Investment in education and training
When does entrepreneurial activity typically decline?
When does entrepreneurial activity typically decline?
Political instability or downturns
How does the sharing economy improve efficiency?
How does the sharing economy improve efficiency?
Connects owners with users directly