11 B - 1.1. Role of business

Business activity exists to produce goods and services

• True

• False

Inputs are

• factors of consumption

• factors of production

‘outputs’ of a business are the goods and services that satisfy consumers’ needs, usually without the aim of making a profit.

• True

• False

_______ are the human, physical and financial resources needed by business to produce goods or services.

• Inputs

• Outputs

The 3 types of goods and services are

• consumer foods, consumer products, capital goods

• consumer goods, consumer services, capital goods

HR management, Finance and Accounts, Marketing and Operations management are the 4 functions of business

• True

• False

Name the 4 sectors of an economy

Tertiary and Quaternary sectors are same

• True

• False

Importance of sectors varies from country to country

• True

• False

- individual who takes the financial risk of starting and managing a new venture

• Entrepreneur

• Intrapreneur