Business so far

Question 1

Needs

Answer 1

Something that we require in order to survive.

Question 2

Wants

Answer 2

Goods or services that we do not need to survive, but that make our lives more enjoyable.

Question 3

goods

Answer 3

A physical product that we can see and touch.

Question 4

Services

Answer 4

Something that is provided for us by an organisation.

Question 5

Consumption

Answer 5

The using up of a good or service.

Question 6

Durable

Answer 6

Something that can be used more than once

Question 7

Non- durable

Answer 7

Something that is only single use

Question 8

Land

Answer 8

This refers to natural resources and includes not only the surface of the earth but all other natural resources discovered with in it. (e.g. oil, fish, coal, ore, crops, trees)

Question 9

Labour

Answer 9

This refers to human resources (e.g. employees who work for the business).

Question 10

Capital

Answer 10

This refers to human-made resources (e.g. the buildings, machinery and equipment used in the production process)

Question 11

Enterprise

Answer 11

This is the art of bringing together the other factors of production in order to produce goods and services.

Question 12

Chain of Production

Answer 12

The stages a product passes through from start to finish.

Question 13

Primary

Answer 13

Businesses involved in the extraction of our natural resources from above and below the earth’s surface (e.g. farming, fishing, forestry and coal mining)

Question 14

Secondary

Answer 14

Businesses involved with taking raw materials (from the primary sector) and manufacturing a product (e.g. car manufacturing, cake making)

Question 15

Tertiary

Answer 15

Businesses involved with providing a service (e.g. hotel, cinema, supermarket, travel agent)

Question 16

Sole Trader

Answer 16

A business owned and run by own person.