Review - chapter 1-3 Business IGCSE

A need is

• something we have to have in order to survive
• something we have to have to make our life better

A want is

• something we have to have in order to survive
• something we would like to have to make our life better

Which of the following is a basic need?

• love
• belonging
• shelter
• safety

 The difference between a good and a service is that:

• Goods are available in unlimited quantaties and services are not 
• Goods are tangible and services are not 
• Services are available in unlimited quantaties and goods are not 
• goods help satisfy unlimited wants and services do not

Organisations run by central or local government are often referred to as

• Private sector

• Voluntary sector

• Public sector

• Mixed economy

Organisations run by citizens or companies with NO state/government share are often referred to as

• Private sector

• Voluntary sector

• Public sector

• Mixed economy

Which of these business activities are usually NOT in the public (government) sector?

• grocery stores

• health

• defence

• public transport

What is an 'entrepreneur'?

• A person in charge of the business strategy.

• A person who lends the funds to set up a new business venture.

• A person who organises, operates and takes the risk of a new business venture.

• A group of people in charge of creating the business plan of a new venture.

What is the basic economic problem?

• excess supply of goods and services

• lack of profits

• recession

• scarcity of resources

Which type of business has only one owner?

• Sole Trader
• Partnership