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Pearson Edexcel International · IGCSE · Economics

Production and Business Costs
Practice Questions

40 Pearson Edexcel International IGCSE Economics questions on Production and Business Costs, each with instant feedback and a full examiner-style mark scheme.

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✨ Revision guide includes key terms, worked examples and exam technique for Production and Business Costs.

Try 2 sample questions on Production and Business Costs

Question 1 · 1 mark · Difficulty 1/3

Which factor of production organises the others and takes risks?

  1. Land
  2. Labour
  3. Capital
  4. Enterprise
Show answer & explanation
✓ Answer: D — Enterprise
Award 1 mark. Enterprise is supplied by entrepreneurs, who bring land, labour and capital together and bear the risk of failure in return for profit. Land is natural resources, labour is human effort, and capital is man-made equipment.
Question 2 · 1 mark · Difficulty 1/3

How is profit calculated?

  1. Total revenue minus total cost
  2. Total cost minus total revenue
  3. Price multiplied by quantity sold
  4. Fixed cost plus variable cost
Show answer & explanation
✓ Answer: A — Total revenue minus total cost
Award 1 mark. Profit is what is left from sales revenue after all costs are paid: total revenue − total cost. Reversing the subtraction gives the size of a loss, price × quantity is total revenue, and fixed plus variable cost is total cost.
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20 questions · 25 min · free

Pearson Edexcel International IGCSE Economics: Production and Business Costs FAQ

Is Kramizo free for Pearson Edexcel International IGCSE students preparing for Economics?
Yes — completely free. Every student gets 45 questions a day on the free plan, with no card required and no trial countdown. That free quota works across every subject and every topic in our bank, so you can mix Production and Business Costs practice with other Economics topics or even switch to a totally different Pearson Edexcel International subject without paying anything. Kramizo's optional Pro plan removes the daily cap and adds detailed progress analytics, but the free tier is the real product — used by thousands of GCSE, IGCSE and CSEC students.
Are the Production and Business Costs questions aligned to the official Pearson Edexcel International IGCSE Economics syllabus?
Every question is written against the published Pearson Edexcel International IGCSE Economics specification, including the exact command words (state, describe, explain, calculate, evaluate, etc.), mark allocations, and difficulty tier you'd see on a real Pearson Edexcel International paper. Explanations are written in the style of official examiner mark schemes — they tell you what is being awarded marks and why distractors are wrong, not just whether you got it right. The bank is continually refined to match the latest syllabus updates from Pearson Edexcel International.
How is Production and Business Costs typically tested on Pearson Edexcel International IGCSE Economics papers?
Production and Business Costs appears across multiple question types on real Pearson Edexcel International IGCSE Economics papers — most commonly as multiple-choice questions in the objective section, structured short-answer questions in the main paper, and occasionally as part of an extended response. Kramizo's practice bank reflects that mix: 4-option MCQs, true/false statements, fill-in-the-blank key terms, multi-select questions, and ordering questions. Working through the bank gives you exposure to every question style examiners actually use.

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