Business Studies

It is the process of producing goods and services to satisfy consumer demand.

• Need

• Want

• Business Activity

• Scarcity

What are the Factors of Production?

• Land

• Labour

• Capital

• Enterprise

• Money

There are not enough goods and services to meet the wants of the population.

• Opportunity Cost

• Specialisation

• Want

• Scarcity

It is the benefit that could have been gained from an alternative use of the same resources.

• Scarcity

• Specialisation

• Opportunity Cost

• Business Activity

The following are classifications of Businesses. Except?

• Primary Sector

• Duodenary Sector

• Secondary Sector

• Tertiary Sector

What are the examples of Primary Sectors?

• farming

• shops

• forestry

• mining

• restaurants

Firms that manufacture and process goods from natural resources.

• Tertiary Sector

• Duodenary Sector

• Secondary Sector

• Primary Sector

The following are examples of Secondary Sector. Except?

• refining

• farming

• manufacturing

• construction

The part of the economy that is owned and controlled by individuals and companies for profit.

• Private Sector

• Public Sector

• Secondary Sector

• Primary Sector

Firms whose business activity involves the extraction of natural resources.

• Duodenary Sector

• Secondary Sector

• Primary Sector

• Tertiary Sector