Business Studies Chapter 1 & 2

Which items are human needs, choose 2 answers.

• shelter

• food

• calendar

• printer

Which items are human unlimited wants, choose 2 answers.

• designer shirt

• food

• clothing

• luxury car

Which are the factor of production?

• food, shelter, clothing and drinking water

• specialisation, value added

• land, labour, capital and enterprise

• designer clothing, luxury car, hotel and restaurant

One of advantages in specialisation is

• workers move around

• use limited resources

• workers become bored and absent without replacement

• Workers are trained and less time to move

One of disadvantages in specialisation is

• workers move around

• use limited resources

• workers become bored and absent without replacement

• Workers are trained and less time to move

If the business without added value on the pricing, what happen to the business

• gain more profit

• can pay the cost and profit earning

• Others costs unable to pay-off and no profit

What is the 3 stages of economy activity? Choose 3 answers.

• Primary

• Tertiary

• Secondary

• Economy sectors

The primary stage of production is

• manufacture goods made from raw materials provided

• extract and exploit the natural resources from the earth

• provide services to consumers and other sectors of industry

• Relative decline in the importance of country's secondary (manufacturing) sector

The secondary stage of production is

• manufacture goods made from raw materials provided by the primary sector

• extract and exploit the natural resources from the earth

• provide services to consumers and other sectors of industry

• Relative decline in the importance of country's secondary (manufacturing) sector

The tertiary stage of production is

• manufacture goods made from raw materials provided by the primary sector

• extract and exploit the natural resources from the earth

• provide services to consumers and other sectors of industry

• Relative decline in the importance of country's secondary (manufacturing) sector