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Business Studies Form 1 Term 1 Question Paper

Business Studies Form 1 Term 1 

Course:Business Studies

Institution: Form 1 question papers

Exam Year:2013



1)What are free resources? Give 3 examples

2)State 4 features of economic resources

3)What do you understand by the following statements:

a)Human wants are unlimited
b)Some human wants are complementary
c)Some human wants are habitual

4)Explain the term opportunity cost

5)How does a scale of preference help in making the right choices

6)What relationship exists between opportunity cost and choice

7)How do the concepts of scarcity choice and opportunity cost apply to the life of a student

8)Distinguish between natural resources and human resources

9)Outline the problems encountered in the course of satisfying human wants

10)Highlight four differences between goods and services




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