Unit 1

Question 1

What is a business?

Answer 1

A business is an organization that provides goods and services

Question 2

What is an owner?

Answer 2

An owner is somebody that owns a business. Many small businesses are owned by individuals families or small groups of people.

Question 3

What is a customer?

Answer 3

A customer buys goods and services that businesses sell

Question 4

Goods and services.

Answer 4

Businesses provide a wide range of goods and services. So,e are produced for consumers, ordinary people. These are called consumer goods. Products sold by one business to another are called producer goods.

Question 5

What is a stakeholder?

Answer 5

A stakeholder is an individual or group that has an interest in the operation of a business.

Question 6

Which of the following is a business stakeholder

1. Lawyer
   2.Tax collector
2. Customer
3. Police officer

Answer 6

3. Customer

Question 7

What is an example of a producer good?
1. Tractor
2.Newspaper
3.Package holiday
4. Meal at a restraunt

Answer 7

1. Tractor. This is because a tractor is a tool used in production ,making it a producer good.