Understanding Business

A good is...

• something intangible

• something tangible

• a need

• a want

A service is...

• something intangible

• something tangible

• a need

• a want

Which of the following can be classed as a need

• designer handbag

• TV

• games console

• shelter

An example of a want is

• water

• food

• phone

• clothes

An entrepreneur is someone who

• works for a business

• starts their own business

Which is a skill/quality of an entrepreneur?

• indecisive

• timid

• takes risks

• idle

Which is NOT a skill/quality of an entrepreneur?

• creative

• determined

• hardworking

• cautious

Which is not a factor of production?

• earth

• labour

• capital

• enterprise

Which is a factor of production

• money

• land

• machinery

• equipment

Why would someone want to start their own business

• it might be fun

• they want to be their own boss

• they have no money

• they do not have an idea