Ch.1 Business Activity

Front

Which of these is the best definition of the ‘economic problem’? Options: People do not have enough money., There are not enough resources to satisfy people’s wants., There are too many factors of production.

Back

There are not enough resources to satisfy people’s wants.

Front

Which of the following is NOT a factor of production? Options: oil reserves, factory buildings, skilled labour, music CDs

Back

music CDs

Front

Division of labour can be defined as:

Back

Workers specialise on just one task and become better at it.

Front

One of the drawbacks to division of labour is that:

Back

workers can become bored through concentrating on one job

Front

All of the following are common business objectives (aims) except: to grow, to survive, to make profits

Back

to pay taxes

Front

Which of the following is NOT one of the benefits of business growth? Sales will increase., Market share will probably rise., The business will probably become more secure., Management will have less work to do.

Back

Management will have less work to do.

Front

Which stakeholders in a business are paid a salary by the business and lead and direct it?

Back

the managers

Front

The main objective of a newly formed business is most likely to be: survival, maximum profit, rapid growth, providing a service to the community

Back

survival