GCSE Business - Section 1

Which of these statements describes a competitor?

• A business that sells something completely different

• A business that sells a similar product but at a much higher quality and price

• A business that sells a similar product at a similar level of quality and price

What does USP stand for?

• Unique selling point

• Unique selling price

• Unique selling potential

What does ‘the interdependent nature of business activity’ refer to?

• Businesses working closely together to achieve success

• Businesses avoiding working with any other business

• Where one department in a business works closely with one other department

What is the difference between goods and services?

• Goods are intangible products that you experience, services are tangible goods

• Goods are tangible products that you can touch, services are intangible experiences

• Goods and services are both tangible products

Which of the following is a good?

• A calculator

• A taxi ride

• A swimming lesson

What is a producer good?

• A producer good is a good that consumers use

• Producer goods are goods that businesses use to either produce other goods or in the provision of providing services

• A producer good is an experience offered to customers by large businesses

What best describes a public sector business?

• A business that is owned and run by individuals or shareholders

• A business that provides a mixture of goods and services

• A business that is owned and run by the government

Which is an example of a private sector business?

• A school

• A consumer electronics business

• The emergency services

What four resources are needed to produce goods and services?

• Land, labour, commercial and personal

• Land, labour, durable and non-durable

• Land, labour, capital, and enterprise

What best describes an entrepreneur?

• A person that works in a business

• A person that sets up a business

• A group of people that work together to set up a business