Unit 1 (mid-point)

A Need is a good or service which is essential to living

• True

• False

A characteristic of an Entrepreneur....(name 1 characteristic)

Which of these is NOT a Factor of Production

• Land

• Capital

• Labour

• Security

Business Activity is.....

• A good or service which people would like, but is not essential to living

• Unlimited wants cannot be met because there is limited factors of production. This creates scarcity.

• The process of producing goods and services to satisfy consumer demand

• People and businesses concentrate on what they are best at.

(definition) What is a consumer service....?

Which of these sectors deals with the manufacturing of products?

• Secondary Sector

• Tertiary Sector

• Primary Sector

What is NOT an example of a business in primary Sector?

• Farming

• Fishing

• Shoe Fixing

• Mining

............ Is an example of a business operating in the Tertiary Sector

Which of these options are NOT contents of a business plan?

• Capital Employed

• Financial Forecast

• Scarcity Opening

• Market Research

Which of these is the definition for Scarcity?

• There are not enough goods or services to meet the wants of the population

• non-tangible products such as insurance

• There are not enough goods or services to meet the needs of the population

• People and businesses concentrate on what they are best at