Buisness Activity Flashcards
(8 cards)
1
Q
What is the purpose of business activity?
A
To produce goods and services to satisfy customer needs and wants.
2
Q
What is an entrepreneur?
A
A person who takes the risk to start and run a business.
3
Q
What is opportunity cost?
A
The next best alternative foregone when a choice is made.
4
Q
What are needs and wants?
A
Needs are essential for survival; wants are non-essential desires.
5
Q
What is a good vs. a service?
A
A good is a physical product; a service is an intangible experience.
6
Q
What is the primary sector?
A
Industries involved in extracting natural resources (e.g., farming, mining).
7
Q
What is the secondary sector?
A
Industries that manufacture goods from raw materials.
8
Q
What is the tertiary sector?
A
Businesses that provide services to consumers or other businesses.
