S3 Understanding Business

Why do businesses exist ?

• To provide a good or service to customers/ make a profit

• To fulfil customer’s needs and wants

• To develop an idea/fill ina gap in the market

• All of the previous answers

What is the difference between a need and a want ?

Goods are the products we can see and touch. True or False?

• True

• False

What are durable goods ?

• Goods that can be used more than once

• Goods thats cannot be used more than once

Which of the following are examples of non-durable goods?

• Bread

• Car

• Coffee

• Mobile phone

Which of the following are the Factors of Production?

• Land

  Labour

  Buildings

  Enterprise

• Land

  Labour

  Capital

  Enterprise

• Land

  Wages

  Capital

  Enterprise

Describe the role of an entrepreneur

What are the Sectors of Industry?

• Primary

  Secondary

  Public

• Primary

  Secondary

  Tertiary

• Private

  Public

  Third

The secondary sector involves providing a service. True or False?

• True

• False

What do organisations in the primary sector do ?

• Provide a service

• Extract raw materials from the ground

• Use raw materials and make something with them