1.1 (quizlet version)

Question 1

customer

Answer 1

someone who buys a product from a business

Question 2

consumer

Answer 2

someone who uses goods and services

Question 3

want

Answer 3

something humans do not need to survive

Question 4

need

Answer 4

something humans must have to survive

Question 5

good

Answer 5

a physical item that is produced

Question 6

service

Answer 6

something which you cannot touch

Question 7

factors of production

Answer 7

resources which enable a business to make goods and services

Question 8

land

Answer 8

raw materials a business uses to produce units of output

Question 9

labour

Answer 9

employees a business uses to produce units of output

Question 10

capital

Answer 10

machines and equipment a business uses to produce units of output

Question 11

enterprise

Answer 11

skills a business uses to produce units of output

Question 12

primary sector

Answer 12

businesses which extract raw materials

Question 12

secondary sector

Answer 12

businesses which manufacture the raw materials into products

Question 13

tertiary sector

Answer 13

businesses which sell the product

Question 14

public sector

Answer 14

any organisation which is owned by the government

Question 15

private sector

Answer 15

any organisation which is not owned by the government

Question 16

marketing

Answer 16

convincing customers to buy your product

Question 17

finance

Answer 17

managing money

Question 18

human resources

Answer 18

managing employees

Question 19

operations

Answer 19

producing goods and services