Business in Action - Revision

Businesses may exist because...

• People can make more money on their own instead of working for others

• To fill a gap in the market

• To provide goods/services to consumers

• All of the previous answers

An example of a need is...

• Trainers

• McDonalds

• Shelter

• Mobile phone

Wants are...

• Things that make our life more comfortable and are required for survival

• Things that make our life more comfortable but are not required for survival

• Things that we cannot live without

Goods are...

• Anything which can be sold to a customer

• Physical, tangible products sold to a customer

• Knowledge and experience which are sold to a customer

• Products sold to a customer

An example of a service is

• Big Mac

• New car

• Computer

• Taxi ride

Sectors of Industry are...

• Public, Private, Third, Voluntary

• Primary, Secondary, Tertiary, Quaternary

• Primary, Second, Third, Quintenary

• Internal, External

Sectors of Economy are...

• Primary, Secondary, Tertiary, Quaternary

• Internal, External

• Private, Public, Third (Voluntary)

Which is not a Factor of Production

• Land

• Labour

• Capital

• Experience

Mark Zuckerberg is the entrpreneur behind...

• Instagram

• Twitter

• Facebook

• Snapchat

'Smart' Targets are...

• Specific, Measurable, Attainable, Realistic, Time Bound

• Sensible, Mature, Achievable, Relevant, True

• Specific, Managed, Accurate, Realistic, Technological

• Single, Managed, Appropriate, Relevant, Time Bound