What are consumer services?

• The non tangible products sold to the general public.

• The tangible products sold to the general public.

What do businesses need to produce goods and services?

• Land, labor and capital.

• Land, labor and enterprise.

• Capital, land and enterprise.

• Land, labor, Capital and enterprise.

Which answer best fits the example of a consumer good?

• Hotel Accommodation

• Food and Drinks

• Train Journeys

• Insurance Services

Added value is the difference between the cost of purchasing raw materials and the....

• ...cost of machinery used to aid in production

• ...cost of employing workers used to maneuver the materials

• ...price the finished goods are sold for

• ...cost of the land used to hold those raw materials

If a government chooses to build a fighter plane instead of a hospital, the hospital becomes a?

• Opportunity cost

• Social Enterprise

• Entrepreneur

• Consumer service

An entrepreneur is someone who takes the financial risk of starting and managing a new venture

• True

• False

Which answer is NOT a reason why new businesses fail?

• Lack of record keeping

• Family issues within the business

• Lack of cash and working capital

• Poor management skills

An entrepreneur owns a small boat and starts a fishing business, what sector is this?

• Primary Sector

• Secondary Sector

• Tertiary Sector

• Quaternary Sector

Which business start-up is an example of being in the tertiary sector?

• Dress-Making

• Jewelry-Making

• Building Trades

• Cafes and Restaurants

Opportunity cost is the benefit of something that must be given up to acquire something else

• True

• False