A need is something that...

• is necessary for our survival and that we cannot live without

• is something that we do not need in order to survive but we would like them to improve the quality of our lives

A want is something that...

• is something that is necessary for our survival and that we cannot live without

• is something that we do not need in order to survive but we would like them to improve the quality of our lives

2 examples of goods are...

• Hair cut

• Phone

• Pencil

• Education

2 examples of services are...

• PlayStation

• Bus journey

• Cuddly toy

• Car wash

The 4 factors of production are...

• Land, Labour, Money & People

• Capital, Enterprise, Materials & Buildings

• Land, Labour, Capital & Enterprise

• Labour, Capital, Money & People

Identify the following 3 skills an entrepreneur should have...

• ICT

• Communication

• Leadership

• Confidence

Identify the following 3 qualities an entrepreneur should have...

• Determination

• Problem Solving

• Risk-Taking

• Creative

What are the 3 sectors of industry?

• Primary, Secondary & Voluntary

• Primary, Secondary & Tertiary

• First, Second & Third

What does the primary sector involve?

• Businesses that are involved in extracting the world’s natural resources

• Businesses that primarily manufacture goods using the resources gathered

• Businesses that do not manufacture or harvest resources, but instead provide a service

What does the secondary sector involve?

• Businesses that are involved in extracting the world’s natural resources

• Businesses that do not manufacture or harvest resources, but instead provide a service

• Businesses that primarily manufacture goods using the resources gathered