Understanding Business Activity

Understanding Business Activity

Assessment

Flashcard

Business

9th Grade

Practice Problem

Hard

Created by

Navya Dadlika

FREE Resource

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141 questions

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1.

FLASHCARD QUESTION

Front

What is the purpose of business activity?

Back

To provide consumers with goods and services that meet their needs and wants.

2.

FLASHCARD QUESTION

Front

Define 'need' in the context of business.

Back

A good or service which people must have to be able to live, such as water, food, shelter, and clothing.

3.

FLASHCARD QUESTION

Front

What is a 'want'?

Back

A good or service which people would like to have but is not essential for living, such as mobile phones and holidays.

4.

FLASHCARD QUESTION

Front

What is business activity?

Back

The process of producing goods and services to satisfy consumer demand.

5.

FLASHCARD QUESTION

Front

What is scarcity?

Back

The economic problem that arises because there are not enough goods and services to meet unlimited wants.

6.

FLASHCARD QUESTION

Front

What are the four factors of production?

Back

Land, Labour, Capital, and Enterprise.

7.

FLASHCARD QUESTION

Front

What is opportunity cost?

Back

The benefit that could have been gained from an alternative use of the same resource.

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