Chapter 1- Introduction to Business Activity

Which of the following is a characteristic of wants?

• Necessary for survival

• Essential for daily life

• Desired but not necessary

• Always affordable

Which of the following best describes a customer?

• A person who creates goods

• A person who buys goods or services

• A person who distributes goods

• A person who advertises services

Which item is not a good?

• Shirt

• Doctor

• Game controller

• Banana

Which item is listed as a "want" in the table?

• Drinking Water

• Public Housing

• Designer Shoes

• Clothing

Which of the following is true about services?

• Can be stored for future use

• Intangible

• Identical

• Can be duplicated

Which of the following is true about goods?

• Cannot be duplicated

• Require interaction with customers

• Can be stored for future use

• Intangible

Are there any businesses that can be both a good and a service provider?

• Yes

• No

• Only in certain cases

• Depends on the location

What is a good-producing business?

• A business that provides services

• A business that manufactures products

• A business that sells only online

• A business that offers consulting

What do agricultural businesses produce?

• Digital products

• Houses and factories

• Vegetables, herbs, and spices

• Financial services

What is the role of teachers in the education service business?

• They sell items to customers

• They manufacture goods

• They teach students

• They package products